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I See The Ught Prolected Income Statement For the Period Ending December 31,201 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivabie Inventory Raw Material Lamp Kits Work in Process Finished Goods. Total Cument Assets Foxed Assets Equipment Accumutated Depreclation Total Foved Assets Total Assets Cument Llabilties Accounts Payable Totat Llabilities Stockhoider's Equity Common Stock Retained Eamings Total Stockholders Equity Total Liabilities and Stockholder's Equity 5 34,710.00 67,500.00 \begin{tabular}{r} $20,000.00 \\ 6,800.00 \\ \hline \end{tabular} \begin{tabular}{r} 13,200,00 \\ $213,410,00 \\ \hline \end{tabular} s 12,000.00 147,410.00 159.410.00$213,410.00 General Infomation 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 appled at a rate of 50% of direct labor dolars. The material is added at the beginning of the process. The labor and overhead costs aro assumed to be added unitomly 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 Dopartment Goods in-process as of January 1 were 3,700 figurines at a cost of $62,530.00. Of this amount, $59,200.00 was from raw materials added, $2,220.00 for labor and $1,110.00 for ovechead. These 3,700 figurnes were assumed to be 30.00% complete as to labor and overtead. Durng January, 22,500 units were started, $364,275.00 of materials and $43,780.00 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 ovemead. Al figurines in January passed inspection. MOLIDNO Physical Flow of Unks Workin.Proobss - Beginning Units Started this Pentod Unis to Account for Total transferred out Wokin Process - Ending Total Accounted for (1201) (1202) {12.03} {12.04} {12.05} (12.6) (12.07) (12.08\}) 41 To keep moords of the actual cost of a special order job, a Job Order. Cost System has been developed. Overhead is appled 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 unti the job was completed: 5.Jan Purchased 4,075 Lamp Kits \& \$16.60 per kit 9-Jan 4,025 sets of Lamp Kits were requiskioned, including all those in the Beginning Inventory. 17 Jan Payrol of 620 Direct Labor Hours 639.55 per hour. 30-Jan Payroll of 670 Direct Labor Hours $89.80 per hour. 30 dan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of nomal processing. Round to two places, Cost of C (13.01) Cost (1).02) Cost of N (13.03) Cost of (13.04) I See The Ught Prolected Income Statement For the Period Ending December 31,201 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivabie Inventory Raw Material Lamp Kits Work in Process Finished Goods. Total Cument Assets Foxed Assets Equipment Accumutated Depreclation Total Foved Assets Total Assets Cument Llabilties Accounts Payable Totat Llabilities Stockhoider's Equity Common Stock Retained Eamings Total Stockholders Equity Total Liabilities and Stockholder's Equity 5 34,710.00 67,500.00 \begin{tabular}{r} $20,000.00 \\ 6,800.00 \\ \hline \end{tabular} \begin{tabular}{r} 13,200,00 \\ $213,410,00 \\ \hline \end{tabular} s 12,000.00 147,410.00 159.410.00$213,410.00 General Infomation 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 appled at a rate of 50% of direct labor dolars. The material is added at the beginning of the process. The labor and overhead costs aro assumed to be added unitomly 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 Dopartment Goods in-process as of January 1 were 3,700 figurines at a cost of $62,530.00. Of this amount, $59,200.00 was from raw materials added, $2,220.00 for labor and $1,110.00 for ovechead. These 3,700 figurnes were assumed to be 30.00% complete as to labor and overtead. Durng January, 22,500 units were started, $364,275.00 of materials and $43,780.00 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 ovemead. Al figurines in January passed inspection. MOLIDNO Physical Flow of Unks Workin.Proobss - Beginning Units Started this Pentod Unis to Account for Total transferred out Wokin Process - Ending Total Accounted for (1201) (1202) {12.03} {12.04} {12.05} (12.6) (12.07) (12.08\}) 41 To keep moords of the actual cost of a special order job, a Job Order. Cost System has been developed. Overhead is appled 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 unti the job was completed: 5.Jan Purchased 4,075 Lamp Kits \& \$16.60 per kit 9-Jan 4,025 sets of Lamp Kits were requiskioned, including all those in the Beginning Inventory. 17 Jan Payrol of 620 Direct Labor Hours 639.55 per hour. 30-Jan Payroll of 670 Direct Labor Hours $89.80 per hour. 30 dan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of nomal processing. Round to two places, Cost of C (13.01) Cost (1).02) Cost of N (13.03) Cost of (13.04)
