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Process Costing - First-In First-Out 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 3,700 figurines at a cost of $68,080.00. Of this amount, $59,200.00 was from raw materials added, $5,920.00 for labor and $2,960.00 for overhead. These 3,700 figurines were assumed to be 80.00% complete as to labor and overhead. During January, 22,000 units were started, $355,300.00 of materials and $39,080.00 of labor costs were incurred. The 4,000 figurines that were in-process at the end of January were assumed to be 20.00% complete to labor and overhead. I All figurines in January passed inspection. Pous RH 500 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 $ 54,000.00 $ 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159.410.00 $ 213,410.00 FAQ 2 2 11 12 13 3,700 units (1201) Work in Process - Beginning Units Started this Period Units to Account for 25,700 un 12.02) Total transferred out Work in Process - Ending Total Accounted for 21,700 units 4,000 units 25,700 units 12.03) (12.04) (12.05) Equivalent Units Murterial Round to three places, W.000) (12.06) Equivalent Units Conversion (Round to three places, #. 12.07) {12.08 (1209) 12.10 Total.cost in the Beginning Inventory (Round to two places, #4,1) Total cost of Material this period (Round to two places, 08,000.06). Total cost of Conversion this period (Round to two places, #88.00) Total cost to account for (Round to two places, a..) Cost per equivalent unit of Material this period (Round to seven places ##### Cost per equivalent unit of Conversion this period (Round to seven places, (12.11) (12.122 1213 Cost of the units transferred, material and convenion (Round to two places, Se Cost of the ending inventory, material and coaxesion. (Round to two places, St. (1214) 12.151 Total Cost accounted for (Round to two places. S. (12.16) 134 words Accessibility: Investigate Job Order Costing To keep records of the actual cost of a special order job, a Job Order Cost System has been developed Overhead is applied at the rate of 50% of the direct labor cost Job Order Costing Section On January 1, 20x2. Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4.000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,050 Lamp Kits @ $16.65 per kit 9-Jan 4.200 sets of Lamp Kits were requisitioned, including all those in the Beginning Inventory 17-Jan Payroll of 600 Direct Labor Hours @ $9.50 per hour 30-Jan Payroll of 650 Direct Labor Hours @ $9.75 per hour 30-Jan 3.990 lamps were completed and shipped. All materials requisitioned were used or scanned and are a cost of normal processing Month End Overhead Information Actual Variable Manufacturing Overhead Actual Fixed Manufacturing Overhead $ 1.325.00 $ 40,373.45 SI Round to two places, S### Cost of Direct Material incurred in Manufacturing Job 2407 Cost of Direct Labor incurred in Manufacturing Job 2407 III Cost of Manufacturing Overhead Applied to Job 2407 1 Cost of manufacturing one lamp