The I See The Light Company has a related company that produces the figurines. They use process
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Question:
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 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
of direct labor costs in the molding department.
Molding Department
Goods inprocess as of January were figurines at a cost of $ Of this amount, $ was from
raw materials added, $ for labor and $ for overhead. These figurines were assumed to be
complete as to labor and overhead.
During January, units were started, $ of materials and $ of labor costs were incurred.
The figurines that were inprocess at the end of January were assumed to be complete to
labor and overhead.
All figurines in January passed inspection.
Physical Flow of Units
WorkinProcess Beginning units
Units Started this Period units
Units to Account for units
Total transferred out units
WorkinProcess Ending units
Total Accounted for units
Total transferred out units
WorkinProcess Ending units
Equivalent Units Material Round to three places, ######## units
Total transferred out units
WorkinProcess Ending units
Equivalent Units Conversion Round to three places, ######## units
Total cost in the Beginning Inventory Round to two places, #######
Total cost of Material this period Round to two places, #######
Equivalent Units Material Round to three places, ########
Total cost of Material this period Round to two places, #######
Total cost of Conversion this period Round to two places, #######
Equivalent Units Conversion Round to three places, ########
Total cost of Conversion this period Round to two places, #######
Total cost to account for Round to two places, #######
Cost per equivalent unit of Material this period Round to seven places, ##########
Cost per equivalent unit of Conversion this period Round to seven places, ##########
Cost of the units transferred, material and convesion Round to two places, $########
Cost of the ending inventory, material and convesion Round to two places, $########
Total Cost accounted for Round to two places, $########
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