Can you please help with the following?
PART 4 | |||||||||
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 3,100 figurines at a cost of $33,926.00. Of this amount, $4,526.00 was from | |||||||||
raw materials added, $19,600.00 for labor and $9,800.00 for overhead. These 3,100 figurines were assumed to be | |||||||||
40.00% complete as to labor and overhead. | |||||||||
During January, 24,500 units were started, $39,634.00 of materials and $49,700.00 of labor costs were incurred. | |||||||||
The 7,500 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. | |||||||||
January | ||||||
Physical Flow of Units | ||||||
Work-in-Process - Beginning | ||||||
Units Started this Period | ||||||
Units to Account for | ||||||
Total transferred out | {12.01} | |||||
Work-in-Process - Ending | {12.02} | |||||
Total Accounted for | ||||||
Equivalent Units Material (Round to two places, ##,###.##) | {12.03} | |||||
Equivalent Units Conversion (Round to two places, ##,###.##) | {12.04} | |||||
Total cost of Material (Round to two places, ##.###.##) | {12.05} | |||||
Total cost of Conversion (Round to two places, ##.###.##) | {12.06} | |||||
Total cost to account for (Round to two places, ##.###.##) | {12.07} | |||||
Cost per equivalent unit of Material (Round to two places, ###.##) | {12.08} | |||||
Cost per equivalent unit of Conversion (Round to two places, ###.##) | {12.09} | |||||
Cost of the ending inventory, material and convesion (Round to two places, $###,###.## ) | {12.10} | |||||
Cost of the units transferred, material and convesion (Round to two places, $###,###.## ) | {12.11} | |||||
PART 5 | ||||||||
Job Order Costing | ||||||||
To keep records of the actual cost of a special order 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 Client, THE BIG CHILDREN STORE. The | ||||||||
job called for 4,000 customized lamps. The following set of transactions occurred from | ||||||||
January 5 until the job was completed: | ||||||||
5-Jan | Purchased 4,000 Lamp Kits @ $16.40 per kit. | |||||||
9-Jan | 4,025 sets of Lamp Kits were requisitioned. | |||||||
17-Jan | Payroll of 620 Direct Labor Hours @ $9.55 per hour. | |||||||
30-Jan | Payroll of 670 Direct Labor Hours @ $9.80 per hour. | |||||||
30-Jan | 3,990 lamps were completed and shipped. All materials requisitioned were | |||||||
used or scrapped, and are a cost of normal processing. | ||||||||
Month End Overhead Information | ||||||||
Actual Variable Manufacturing Overhead | $1,161.00 | |||||||
Actual Fixed Manufacturing Overhead | $40,873.45 | |||||||
Round to two places, $##.## | ||||||||
Cost of Direct Material Incurred in Manufacturing Job 2407 | ||||||||
{13.01} | ||||||||
Cost of Direct Labor Incurred in Manufacturing Job 2407 | ||||||||
{13.02} | ||||||||
Cost of Manufacturing Overhead Applied to Job 2407 | ||||||||
{13.03} | ||||||||
Cost of manufacturing one lamp | ||||||||
{13.04} |
Solution Part 4:
Reconciliation of Physical units | |||
Particulars | Physical Units | Particulars | Physical Units |
Beginning units | 3100 | Unit Completed | 20100 |
Unit started | 24500 | Ending Units | 7500 |
Total Units | 27600 | Total Units | 27600 |
Computation of Equivalent unit of Production - Weighted Average (Molding Department) | |||
Particulars | Physical Units | Material | Conversion (Labor + Overhead) |
Unit completed & Transferred out | 20100 | 20100 | 20100 |
Closing WIP: | 7500 | ||
Material (100%) | 7500 | ||
Conversion (40%) | 3000 | ||
Equivalent units of production | 27600 | 27600 | 23100 |
Computation of Cost per equivalent unit of Production - Weighted Average (Molding Department) | ||
Particulars | Material | Conversion (Labor + Overhead) |
Opening WIP | $4,526.00 | $29,400.00 |
Cost Added during June | $39,634.00 | $74,550.00 |
Total cost to be accounted for | $44,160.00 | $103,950.00 |
Equivalent units of production | 27600 | 23100 |
Cost per Equivalent unit | $1.60 | $4.50 |
Computation of Cost of ending WIP and units completed & transferred out - Weighted Average (Molding Department) | |||
Particulars | Material | Conversion (Labor + Overhead) | Total |
Equivalent unit of Ending WIP | 7500 | 3000 | |
Cost per equivalent unit | $1.60 | $4.50 | |
Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) | $12,000 | $13,500 | $25,500 |
Units completed and transferred | 20100 | 20100 | |
Cost of units completed & Transferred (Unit completed * cost per equivalent unit) | $32,160 | $90,450 | $122,610 |
Cost reconciliation - Weighted Average - Molding Department | |
Particulars | Amount |
Costs to be accounted for: | |
Cost of beginning WIP inventory | $33,926.00 |
Cost added to production | $114,184.00 |
Total Cost to be accounted for | $148,110.00 |
Costs accounted for as follows: | |
Cost of unit transferred out | $122,610 |
Ending WIP: | |
Material | $12,000 |
Converison | $13,500 |
Total cost accounted for | $148,110 |
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Can you please help with the following? PART 4 Process Costing - Weighted Average General Information...
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