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 Package department which prepares items for sale in kits or individually. The following information is available for the Molding department for January. Work in process beginning: Units in process 22,000 Stage of completion for materials 80% Stage of completion for labor and overhead 30% Costs in work in process inventory: Materials $168,360 Labor 67,564 Overhead 17,270 Total costs in beginning work in process $253,194 Units started into production in January 60,000 Units completed and transferred in January 58,000 Costs added to production: Materials $264,940 Labor 289,468 Overhead 60,578 Total costs added into production in January $614,986 Work in process ending: Units in process 24,000 Stage of completion for materials 50% Stage of completion for labor and overhead 10% Collapse question part

(a) Prepare a production cost report for Waterways using the weighted-average method. (Round unit costs to 2 decimal places, e.g. 2.25.)

Units to be accounted for Work in process, Jan. 1 253194

Started into production 60000

Total units Units accounted for

Transferred out

Work in process, Jan 31

Total units Costs

Materials

Conversion Costs

Total Unit costs Costs in January $ $ $

Equivalent units Unit costs $ $ $

Costs to be accounted for Work in process, Jan. 1 $

Started into production

Total costs $

Cost Reconciliation Schedule Costs accounted for

Transferred out $

Work in process, Jan. 31

Materials

Conversion costs

Total costs