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 Work in process beginning: Units in process 21,600 Stage of completion for materials 80% 30% Stage of completion for labor and overhead Costs in work in process inventory Materials $167,780 Labor 67,630 Overhead 17.310 Total costs in beginning work in process $252,720 Units started into production in January Units completed and transferred in January 59,900 58.400 Costs added to productions Materials $278.501 Labor 279,060 Overhead 60.970 verhead 60,970 $618,531 al costs added into production in January ork in process ending Units in process Stage of completion for materials 23,100 50% Stage of completion for labor and overhead 10% Prepare a production cost report for Waterways using the weighted average method. (Round unit costs to 2 decimal places, e.g. 2.25.) WATERWAYS CORPORATION Molding Department Production Report Equivalent Units Physical Units Quantities Conversion Costs Materials Units to be accounted for Workin process, Jan 1 Started into production Started into production Total units Units accounted for Transferred out Work in process, Jan 31 Total units Costs Materials Conversion Costs 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