Question: Can you please help with the following? PART 4 Process Costing - Weighted Average General Information The I See The Light Company has a related
Can you please help with the following?
| 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 3,100 figurines at a cost of $33,926.00. Of this amount, $4,526.00 was from | |||||||||
| raw materials added, $19,600.00 for labor and $9,800.00 for overhead. These 3,100 figurines were assumed to be | |||||||||
| 40.00% complete as to labor and overhead. | |||||||||
| During January, 24,500 units were started, $39,634.00 of materials and $49,700.00 of labor costs were incurred. | |||||||||
| The 7,500 figurines that were in-process at the end of January were assumed to be 40.00% complete to | |||||||||
| labor and overhead. | |||||||||
| All figurines in January passed inspection. | |||||||||
| January | ||||||
| Physical Flow of Units | ||||||
| Work-in-Process - Beginning | ||||||
| Units Started this Period | ||||||
| Units to Account for | ||||||
| Total transferred out | {12.01} | |||||
| Work-in-Process - Ending | {12.02} | |||||
| Total Accounted for | ||||||
| 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, ##.###.##) | {12.06} | |||||
| Total cost to account for (Round to two places, ##.###.##) | {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, $###,###.## ) | {12.11} | |||||
| PART 5 | ||||||||
| Job Order Costing | ||||||||
| To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. | ||||||||
| Overhead is applied at the rate of 50% of the direct labor cost. | ||||||||
| Job Order Costing Section | ||||||||
| On January 1, 20x2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The | ||||||||
| job called for 4,000 customized lamps. The following set of transactions occurred from | ||||||||
| January 5 until the job was completed: | ||||||||
| 5-Jan | Purchased 4,000 Lamp Kits @ $16.40 per kit. | |||||||
| 9-Jan | 4,025 sets of Lamp Kits were requisitioned. | |||||||
| 17-Jan | Payroll of 620 Direct Labor Hours @ $9.55 per hour. | |||||||
| 30-Jan | Payroll of 670 Direct Labor Hours @ $9.80 per hour. | |||||||
| 30-Jan | 3,990 lamps were completed and shipped. All materials requisitioned were | |||||||
| used or scrapped, and are a cost of normal processing. | ||||||||
| Month End Overhead Information | ||||||||
| Actual Variable Manufacturing Overhead | $1,161.00 | |||||||
| Actual Fixed Manufacturing Overhead | $40,873.45 | |||||||
| 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} | ||||||||
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