8512 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 3,300 figurines at a cost of $55,287.00. Of this amount, $5,412.00 was from raw materials added, $33,250.00 for labor and $16,625.00 for overhead. These 3,300 figurines were assumed to be 70.00% complete as to labor and overhead. During January, 25,000 units were started, $40,434.00 of materials and $41,860.00 of labor costs were incurred. The 6,000 figurines that were in-process at the end of January were assumed to be 60.00% complete to Labor and overhead. 6 All figurines in January passed inspection 10 11 Wrap Text A A = BI UVEYA E 3 Merge & Center 190 January 8 MOLDING Physical Flow of Units Work in Process - Beginning 13 Units Started this Period 19 Units to Account for 3.300 units 25,000 units 28,300 units Total transferred out Work in Process - Ending Total Accounted for 22,300 units 6,000 units (12.01) (12.02) 23 Equivalent Units Material (Round to two places, ##,##) 28.300.00 Equivalent Units Conversion (Round to two places, W W N ) 25.900.00 (12.04) 49 Total cost of Material (Round to two places, ##.###. ) 45,846.00 (12.05) 52 53 Total cost of Conversion (Round to two places, WONN.MB) Total cost to account for (Round to two places, W.UN ) (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 ventory.maton and convesion (Round to two places, SRB (12.10) 10 11 Mi