Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help parts 12.03-12.11. Thank you if you need anymore info feel free to ask! PART 4 Process Costing - Weighted Average General Information The

Please help parts 12.03-12.11. Thank you if you need anymore info feel free to ask!

image text in transcribedimage text in transcribed

PART 4 Process Costing - Weighted Average 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 2,800 figurines at a cost of $19,763.00. Of this amount, $4,088.00 was from raw materials added, $10,450.00 for labor and $5,225.00 for overhead. These 2,800 figurines were assumed to be 25.00% complete as to labor and overhead. During January, 22,000 units were started, $36,584.00 of materials and $45,130.00 of labor costs were incurred. The 5,500 figurines that were in-process at the end of January were assumed to be 10.00% complete to labor and overhead. All figurines in January passed inspection. January MOLDING Physical Flow of Units Work-in-Process - Beginning Units Started this Period Units to Account for 2,800 units 22,000 units 24,800 units Total transferred out Work-in-Process - Ending Total Accounted for 19,200 units 5,500 units 24,700 units {12.01) {12.02) Equivalent Units Material (Round to two places, ##.###.##) {12.03) Equivalent Units Conversion (Round to two places, ##.###.##) {12.04) Total cost of Material (Round to two places, ##.###.##) {12.05) Total cost of Conversion (Round to two places, ##.###.##) Total cost to account for (Round to two places, ##.###.##) {12.06) {12.07) Cost per equivalent unit of Material (Round to two places, ###.##) {12.08) Cost per equivalent unit of Conversion (Round to two places, ###.##) {12.09) Cost of the ending inventory, material and convesion (Round to two places, $###.###.## ) {12.10) Cost of the units transferred, material and convesion (Round to two places, $###.###.## ) {12.11) PART 4 Process Costing - Weighted Average 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 2,800 figurines at a cost of $19,763.00. Of this amount, $4,088.00 was from raw materials added, $10,450.00 for labor and $5,225.00 for overhead. These 2,800 figurines were assumed to be 25.00% complete as to labor and overhead. During January, 22,000 units were started, $36,584.00 of materials and $45,130.00 of labor costs were incurred. The 5,500 figurines that were in-process at the end of January were assumed to be 10.00% complete to labor and overhead. All figurines in January passed inspection. January MOLDING Physical Flow of Units Work-in-Process - Beginning Units Started this Period Units to Account for 2,800 units 22,000 units 24,800 units Total transferred out Work-in-Process - Ending Total Accounted for 19,200 units 5,500 units 24,700 units {12.01) {12.02) Equivalent Units Material (Round to two places, ##.###.##) {12.03) Equivalent Units Conversion (Round to two places, ##.###.##) {12.04) Total cost of Material (Round to two places, ##.###.##) {12.05) Total cost of Conversion (Round to two places, ##.###.##) Total cost to account for (Round to two places, ##.###.##) {12.06) {12.07) Cost per equivalent unit of Material (Round to two places, ###.##) {12.08) Cost per equivalent unit of Conversion (Round to two places, ###.##) {12.09) Cost of the ending inventory, material and convesion (Round to two places, $###.###.## ) {12.10) Cost of the units transferred, material and convesion (Round to two places, $###.###.## ) {12.11)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

5th edition

9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292

Students also viewed these Finance questions