Li Company produces large quantities of a standardized product. The following in

Question

Li Company produces large quantities of a standardized product. The following information is available for its production activities for January.

During January, 24,000 units of finished goods are sold for $110 cash each. Cost information regarding finished goods follows.

Prepare a process cost summary report for this company, showing costs charged to production, units cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. (Round your cost per EUP answers to 2 decimal places and consider the same in the other calculations. Round other answers to the nearest dollar amount. Omit the "$" sign in your response.)

  Raw materials   Factory overhead incurred   Beginning inventory $ 19,000   Indirect materials used $ 80,000      Raw materials purchased (on credit) 305,000   Indirect labor used 50,000      Direct materials used (169,500 )   Other overhead costs 152,100      Indirect materials used (80,000 )   Total factory overhead incurred $ 282,100      Ending Inventory $ 74,500   Factory overhead applied   Factory payroll      (140% of direct labor cost)   Direct labor used $ 201,500   Total factory overhead applied $ 282,100      Indirect labor used 50,000   Total payroll cost (paid in cash) $ 251,500

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