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Need answers to questions 15.01 through 15.11

	Process Costing - First-In First-Out
Mr. Jones, a consultant, has indicated that FIFO process costing would produce more meaningful cost data.
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 3,400 figurines at a cost of $8,721.00. Of this amount, $1,836.00 was from
raw materials added, $4,590.00 for labor and $2,295.00 for overhead. These 3,400 figurines were assumed to be
50.00% complete as to labor and overhead.
During January, 24,500 units were started, $13,720.00 of materials and $67,500.00 of labor costs were incurred.
The 4,000 figurines that were in-process at the end of January were assumed to be 70.00% complete to
labor and overhead.
All figurines in January passed inspection. Process Costing - First-In First-Out Physical Flow of Units January Work-in-Process - Beginning Units Started this Period Units to Account for Total transferred out {15.01} Work-in-Process - Ending Total Accounted for Equivalent Units Material (Round to three places, ##.###.###) {15.02} Equivalent Units Conversion (Round to three places, ##.###.###) {15.03} Total cost in the Beginning Inventory (Round to two places, ##,###.##) {15.04} Total cost of Material this period (Round to two places, ##.###.##) {15.05} Total cost of Conversion this period (Round to two places, ##.###.##) {15.06} Total cost to account for (Round to two places, ##.###.##) {15.07} Cost per equivalent unit of Material this period (Round to seven places, ###.#######) {15.08} Cost per equivalent unit of Conversion this period (Round to seven places, ###.#######) {15.09} Cost of the units transferred, material and convesion (Round to two places, $###,###.## ) {15.10} Cost of the ending inventory, material and convesion (Round to two places, $###,###.## ) {15.11}

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