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MOLDNG Physical Flow of Units Work-in-Process - Beginning Units Started this Period Units to Acoount for Total transferred ouk Work-in-Process - Ending Tolal Accounted for {12.14} {12.15} {1216} General Information The I See The Light Company has a related company that produces the figurines. They use process costing in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. The material is added at the beginning of the process. The labor and overhead costs are assumed to be added uniformly throughout. Month of January Selected information for January is presented below. Note that the applied overhead rate was 50% of direct labor costs in the molding department. Molding Department Goods in-process as of January 1 were 3,600 figurines at a cost of $62,460.00. Of this amount, $57,600.00 was from raw materials added, $3,240.00 for labor and $1,620.00 for overhead. These 3,600 figurines were assumed to be 50.00% complete as to labor and overhead. During January, 22,000 units were started, $354,420.00 of materials and $41,760.00 of labor costs were incurred. The 6,000 figurines that were in-process at the end of January were assumed to be 90.00% complete to labor and overhead. All figurines in January passed inspection. To keep records of the actual cost of a special order iob, a Job Order Cost System has been developed. Qverhead is applied at the rate of 50% of the direct labor cost. Job Brder Costing Seotion On January 1, 20k2, Division 5 began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 oustomized lamps. The following set of transaotions ocourred from January 5 until the job was completed: 5-Jan Purchased 4,075 LampKits@ $16.25 perkit. 9-Jan 4,175 sets of Lamp Kits were requisitioned, including all those in the Beginning Inventory. 17-Jan Payroll of 580 Direot Labor Hours@ $9.55 per hour. 30-dan Payroll of 630Direct Labor Hours@ $9.80 per hour. 30-Jan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of normal processing. Round towo places, S\#\#, \#\# Cost of Direot Material Incurred in Manufacturina . Inh 247 13018 Cost of Direct Labor Inourred in Manufacturinn .Inh dn7 Cost of Manufaoturing Overhead Apolied tn inh 24n7 113.02 Cost of manufsotuaina nne lamn. {13,03} I See The Light Projected Balance Sheet As of December 31, 20x1 MOLDNG Physical Flow of Units Work-in-Process - Beginning Units Started this Period Units to Acoount for Total transferred ouk Work-in-Process - Ending Tolal Accounted for {12.14} {12.15} {1216} General Information The I See The Light Company has a related company that produces the figurines. They use process costing in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. The material is added at the beginning of the process. The labor and overhead costs are assumed to be added uniformly throughout. Month of January Selected information for January is presented below. Note that the applied overhead rate was 50% of direct labor costs in the molding department. Molding Department Goods in-process as of January 1 were 3,600 figurines at a cost of $62,460.00. Of this amount, $57,600.00 was from raw materials added, $3,240.00 for labor and $1,620.00 for overhead. These 3,600 figurines were assumed to be 50.00% complete as to labor and overhead. During January, 22,000 units were started, $354,420.00 of materials and $41,760.00 of labor costs were incurred. The 6,000 figurines that were in-process at the end of January were assumed to be 90.00% complete to labor and overhead. All figurines in January passed inspection. To keep records of the actual cost of a special order iob, a Job Order Cost System has been developed. Qverhead is applied at the rate of 50% of the direct labor cost. Job Brder Costing Seotion On January 1, 20k2, Division 5 began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 oustomized lamps. The following set of transaotions ocourred from January 5 until the job was completed: 5-Jan Purchased 4,075 LampKits@ $16.25 perkit. 9-Jan 4,175 sets of Lamp Kits were requisitioned, including all those in the Beginning Inventory. 17-Jan Payroll of 580 Direot Labor Hours@ $9.55 per hour. 30-dan Payroll of 630Direct Labor Hours@ $9.80 per hour. 30-Jan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of normal processing. Round towo places, S\#\#, \#\# Cost of Direot Material Incurred in Manufacturina . Inh 247 13018 Cost of Direct Labor Inourred in Manufacturinn .Inh dn7 Cost of Manufaoturing Overhead Apolied tn inh 24n7 113.02 Cost of manufsotuaina nne lamn. {13,03} I See The Light Projected Balance Sheet As of December 31, 20x1
