Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with the blank yellow cells Process Costing - Weighted Average General Information The I See The Light Company has a related company that

image text in transcribedimage text in transcribedimage text in transcribed

please help with the blank yellow cells

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 3,600 figurines at a cost of $53,802.00. Of this amount, $5,832.00 was from raw materials added, $31,980.00 for labor and $15,990.00 for overhead. These 3,600 figurines were assumed to be 60.00% complete as to labor and overhead. During January, 26,000 units were started, $39,752.00 of materials and $48,940.00 of labor costs were incurred. The 7,000 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. G61 Physical Flow of Units Work-in-Process - Beginning Units Started this Period Units to Account for Total transferred out Work-in-Process - Ending Total Accounted for \begin{tabular}{|r|} \hline \\ \hline 23,300 units \\ \hline 22,600 units \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} {12.01} {12.02} \begin{tabular}{|c|l|l|l|l|l|} \hline & & & & \\ \hline & & & & & \\ \hline Equivalent Units Material (Round to two places, \#, \#\#.\#\#) & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|} \hline & & & & \\ \hline & & & & & \\ \hline Total cost of Material (Round to two places, \#\#.\#\#.\#\#) & & & $ \\ \hline & & & & \\ \hline \\ \hline \end{tabular} 2.04} \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & & \\ \hline \end{tabular} {12.05} {12.06} {12.07} \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} {12.08} {12.09} \begin{tabular}{|l|l|l|l|l|l|} \hline & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} {12.10} 92 93 94 {12.11} 3 4 5 6 8 9 10 11 12 13 Round to two places, \$\#\#.\#\# Cost of Direst Material Incu urred in Manufartu uring . Inh 2407 {13.01} Cost of Dirart I ahnr Incu irrad in Manu Ifart Iring Inh 27 Cost of Manufacturina Overhead Annlied to Joh 2407 {13.03} Cost of manufonatuminn ann lamn {13.04}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Students also viewed these Accounting questions