Process Costing - Weighted Average General Information 0 The I See The Light Company has a related company that produces the figurines. They use process costing 7 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 8 The material is added at the beginning of the process. The labor and cvertead 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 2,900 figunines at a cost of $71,378.50. Of this amount, $4,756.00 was from raw materials added, $44,415.00 for labor and $22,207.50 for cverhead. These 2,900 figurines were assumed to be 90,00% complete as to labor and overnead. During January, 23,500 units were started, $35,900.00 of materials and $26,385.00 of labor costs were incurred. The 3,500 figurines that were in-process at the end of January were assumed to be 20.00% complete to labor and overhead. All figurines in January passed inspection. Job Order Costing To keep records of the axtual cost of a special crder 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 Cllent, THE BIG CHILDREN STORE. The job called for 4, bDD customized lamps. The following set of transactions occurred from Jamuary 5 until the job was completed: 5-Jan Purchased 4,225 Lamp Kits @ $16.55 per kit. 9-Jan 4,200 sets of Lamp Kits were requisiticned. 17-Jan Payroll of 590 Direct Labor Hours @ $9.55 per hour. 30-Jan Payroll of 640 Direct Labor Hours @ S9.80 per hour. 30-Jan 3,980 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of normal processing. Month End Overmead information Actual Variable Mamufacturing Overhead Round to two places, \$im.n.\# Cost of 5 ,. , ., Cost of [ Cost of