9. Walters Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department fiberglass is heated and shaped into the form of a ski. In the Packaging Department, the skis are placed in cartons and sent to the finished goods warehouse. Materials are entered at the beginning of both processes. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department for January 2017 are presented below.

Production Data January

Beginning work in process units 0

Units started into production 50,000

Ending work in process units 10,000

Percent completeending inventory 40%

Cost Data

Materials $555,000

Labor 100,000

Overhead 131,000

Total $786,000

a) comepute the pysical units of production

b) determine equivalent units of production for materials and conversion costs

c) compute the unit costs of production

d) determine the costs to be assigned to the units transferred out and in process

e) prepare a production cost report for the molding department for the month of jan.

f) prepare the journal entry needed to show the costs transferred to the next process.