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 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 $57,970.00. Of this amount, $49,600.00 was fron raw materials added, $5,580.00 for labor and $2.790.00 for overhead. These 3,100 figurines were assumed to be 90.00% complete as to labor and overhead. During January, 25,500 units were started, 5410,295.00 of materials and $45,020.00 of labor costs were incurred. The 5,500 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 el von Process Beginning Us ted the Period 35 Units to Account for 20 Total medo Vor Process Enging To Accounted for Equivalent Units Material (Round to three places, 00.000.000) 1206 Equivalent Units Conversion found to three places, 0.000 12.07 Total cost in the Beginning investors found to two places, 00,000.00 Total cost of Material this periodHound to two places, Total cost of conversion this periodHound to two places, o account for found