I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 $ 185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147.410.00 159,410.00 $ 213.410.00 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 3,700 figurines at a cost of $68,686.00. Of this amount $5,476.00 was from raw materials added, $42,140.00 for labor and $21,070.00 for overhead. These 3,700 figurines were assumed to be 80.00% complete as to labor and overhead. During January, 24,500 units were started, $38,516.00 of materials and $38,440.00 of labor costs were incurred. The 6,000 figurines that were in-process at the end of January were assumed to be 25.00% 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 Total transferred out Work-in-Process - Ending Total Accounted for (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, w#.###.#) 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. $##ww.#) (12.11)