- I See The Light Projected Income Statement For The Period Ending December 31 20x1 1 125 000 00 750 000 00 375 000 0 1 (266.54 KiB) Viewed 34 times
I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 500 @ $16.00 0 3000 @ $30.00 90,000.00 200,210.00 $ Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159,410.00 $ 213,410.00
4 PART 4 6 Process Costing - First-In First-Out 7 14 General Information 15 16 The I See The Light Company has a related company that produces the figurines. They use process costing 17 in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. 18 The material is added at the beginning of the process. The labor and overhead costs are assumed 25 to be added uniformly throughout. 26 27 28 29 36 37 38 Month of January 39 40 Selected information for January is presented below. Note that the applied overhead rate was 47 50% of direct labor costs in the molding department. 48 49 50 Molding Department 51 58 Goods in-process as of January 1 were 3,200 figurines at a cost of $52,064.00. Of this amount, $51,200.00 was from 59 raw materials added, $576.00 for labor and $288.00 for overhead. These 3,200 figurines were assumed to be 60 10.00% complete as to labor and overhead. 61 62 During January, 25,000 units were started, $403,250.00 of materials and $44,784.00 of labor costs were incurred. 69 70 The 6,000 figurines that were in-process at the end of January were assumed to be 50.00% complete to 71 labor and overhead. 72 73 All figurines in January passed inspection. 80 81 82
23 24 25 26 28 Equivalent Units Material (Round to three places, ##.###.###) {12 Equivalent Units Conversion (Round to three places, ##.###.###) {12 29 30 31 32 34 35 36 37 38 40 41 12 73 14 16 47 18 19 50 52 53 54 55 56 58 Total cost in the Beginning Inventory (Round to two places, ##,###.##) $ 52,064.00 {12 Total cost of Material this period (Round to two places, ##.###.##) {12 59 Total cost of Conversion this period (Round to two places, ##.###.##) {12 50 51 32 53 54 55 56 Total cost to account for (Round to two places, ##.###.##) {12
Cost of the units transferred, material and convesion (Round to two places, $###,###.## Cost of the ending inventory, material and convesion (Round to two places, $###.###.## )