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 2,800 figurines at a cost of $29,624.50. Of this amount, $4,312.00 was from

raw materials added, $16,875.00 for labor and $8,437.50 for overhead. These 2,800 figurines were assumed to be

30.00% complete as to labor and overhead.

During January, 25,000 units were started, $39,612.00 of materials and $56,225.00 of labor costs were incurred.

The 7,000 figurines that were in-process at the end of January were assumed to be 10.00% complete to

labor and overhead.

All figurines in January passed inspection.

January

Physical Flow of Units

Work-in-Process - Beginning

2,800 units

Units Started this Period

25,000 units

Units to Account for

27,800 units

Total transferred out

20,800 units

{12.01} This is incorrect (Please assist)

Work-in-Process - Ending

7,000 units

{12.02}

Total Accounted for

27,800 units

Equivalent Units Material (Round to two places, ##,###.##)

27,800.00

{12.03}

Equivalent Units Conversion (Round to two places, ##,###.##)

21,500.00

{12.04}

Total cost of Material (Round to two places, ##.###.##)

$ 43,924.00

{12.05}

Total cost of Conversion (Round to two places, ##.###.##)

$ 109,650.00

{12.06}

Total cost to account for (Round to two places, ##.###.##)

$ 153,574.00

{12.07}

Cost per equivalent unit of Material (Round to two places, ###.##)

$ 1.58

{12.08}

Cost per equivalent unit of Conversion (Round to two places, ###.##)

$ 5.10

{12.09}

Cost of the ending inventory, material and convesion (Round to two places, $###,###.## )

$ 5,150.00

{12.10}

Cost of the units transferred, material and convesion (Round to two places, $###,###.## )

{12.11}(not sure how to calculate the transferred manterial and convesion)

I need assistance with Cell 12.1 and cell 12.11 they are both incorrect