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 22,500 Stage of completion for materials 80% Stage of completion for conversion cost 30% Costs in work in process inventory: Materials $168,920 Labor 66,970 Overhead 17,310 Total costs in beginning work in process $253,200 Units started into production in January 59,500 Units started into production in January 59,500 Units completed and transferred in January 58,500 Costs added to production: Materials Labor $270,845 287,465 Overhead 60.290 Total costs added into production in January $618,600 Work in process ending: Units in process Stage of completion for materials Stage of completion for conversion cost 23,500 50% 10% Quantities Units to be Physical WATERWAYS CORPORATION Molding Department Production Report For the Month of January Units Materials accounted for Work in 22500 process, Jan. 1 Started into 59500 production Total units 82000 Units accounted for Equivalent Units Conversion Costs Completed and transferred out Work in process, Jan. 31 Total units Costs Unit costs Costs in January Equivalent units Unit costs 58500 58500 58500 Materials $ 270845 $ $ Conversion Costs $ Work in process, Jan. 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Completed and transferred out Work in process, Jan. 31 Materials +A $ Work in process, Jan. 31 Materials Conversion costs Total costs