PART 4 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 infomation for January is presented below. Note that the applied overhead rate was 50% of direct labor costs in the molding department Molding Department 2 Goods in-process as of January 1 were 3,100 figurines at a cost of $50,437.00. Of this amount, $49,600.00 was from 3 raw materials added, $558.00 for labor and $279.00 for overhead. These 3.100 figurines were assumed to be $ 10.00% complete as to labor and overhead 6 7 During January, 26,000 units were started, $419,900.00 of materials and $43.722.00 of labor costs were incurred. 8 9 The 7,500 figurines that were in-process at the end of January were assumed to be 40.00% complete to -1 labor and overhead. 2 -3 All figurines in January passed inspection 14 January MOLDING Physical Flow of Units Work in Process - Beginning Units Started this period Units to Account for (12.01) (12.02) Total transferred out Work in Process - Ending 2 Total Accounted for (12.03) (12.04) {12.05) (12.06) 7 3 9 0 1 Equivalent Units Material (Round to three places, 88.00.013) 4 5 16 17 38 31 Equivalent Units Conversion Round to three places, 12 13 14 5 (12.07 (12.08) D SO 51 Total cost in the Beginning Inventory Round to two places, 0808838 52 55 56 57 58 59 62 Total cost of Material this period (Round to two places, 85) 63 64 65 66 69 Total cost of Conversion this period Round to two places, BBBBB 70 71 72 (12.00) (12.10) Intinduction G H Total cost of Material this period (Round to two places, ##.#) {12.09) Total cost of Conversion this period (Round to two places, 18.11.08 (12.10) Total cost to account for (Round to two places. (12.11) Cost per equivalent unit of Material this period Round to seven places, (12.12) Cost per equivalent unit of Conversion this period (Round to seven places, (12.13) Cost of the units transferred, material and concesion (Round to two places, SRB 03.08) (12.14) Cost of the ending Inventory material and convesion (Round to two places, SEBEO) Total Cost accounted for (Round to two places, 3033) (12.15) (12.16)