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 3,000 figurines at a cost of $56,100.00. Of this amount, $48,000.00 was from raw materials added, $5,400.00 for labor and $2,700.00 for overhead. These 3,000 figurines were assumed to be 90.00% complete as to labor and overhead. During January, 22,000 units were started, $354,420.00 of materials and $34,100.00 of labor costs were incurred. The 7,500 figurines that were in-process at the end of January were assumed to be 30.00% complete to labor and overhead. All figurines in January passed inspection MOLDING Physical Flow of Us Work In Process - Beginning Units Started this period Units to Account for 12.01) (12.02 Total transferred out Work in Process - Ending Total Accounted for 12031 (12.04 Equivalent Units Material Round to three places 112.661 Equivalent Units Conversion (Round to the places, Total cost in the beginning inventory Round to the places To cost of the period (Round to feel 12.00 Toto CC on this period Round to fore places 112.101 Total Town or Round to open Coupe vent unit MCHET Round te lees Cestivalent on this paid te 37 Conheunite nemal Round (12.14 00 01 101 105 00 107 C 100 100 110 HOMECOMECOURT 111 191 (12.151 B C D Month End Overhead Information Actual Variable Manufacturing Overhead Actual Fixed Manufacturing Overhead $ 1,331.00 $ 39,873.45 Round to two places, $ ## Cost of Direct Material incurred in Manufacturing Job 2407 (13.01) Cost of Direct Labor incurred in Manufacturing Job 2407 {13.02) Cost of Manufacturing Overhead Applied to Job 2407 (13.03) Cost of manufacturing one lamp (13.04)