Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting and Welding departments. All items eventually end up in the Packaging Department, which prepares items for sale in kits or individually, The following information is available for the Molding department for January 21,800 Work in process beginning Units in process Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: 80% 30% Materials $167,420 Labor 67,120 Overhead 17.110 Total costs in beginning work in process $251,650 60,400 58,300 Units started into production in January Units completed and transferred in January Costs added to production Materials $265,320 Labor 292,288 Overhead 60,450 $618,058 Total costs added into production in January Work in process ending: Units in process 23,900 Stage of completion for materials 50% Stage of completion for labor and overhead 10% WATERWAYS CORPORATION Molding Department Production Report Equivalent Units Physical Units Conversion Costs Materials Quantities Units to be accounted for Work in process, Jan. 1 Started into production Total units Units accounted for Transferred out Work in process, Jan 31 Total units Conversion Costs ysts Materials Tot sit costs Costs in nuary $ $ quivalent its Init costs $ $ I $ ysts to be counted for Vork in ocess, Jan. 1 s tarted into oduction Total costs $ ist conciliation hedule sts counted for ransferred t $ Vork in ocess, Jan Materials osts Conversion Costs Materials Total it costs Costs in nuary $ $ quivalent its Init costs $ $ $ sts to be counted for Vork in ocess, Jan. 1 tarted into oduction Total costs $ st conciliation hedule ists counted for Transferred it Vork in ocess, Jan Materials Conversion sts otal costs Show the equivalent units for materials and conversion costs if Waterways used FIFO instead of weighted average. Equivalent Units Physical Units Materials Conversion Units accounted for Completed and transferred out Work in process, Jan. 1 Started and completed in Jan. Work in process, Jan. 31 Total units