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.

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