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 Stage of completion for materials Stage of completion for conversion cost Costs in work in process inventory: 23,200 80% 30% Materials $169,950 Labor Overhead 67,000 17.190 Total costs in beginning work in process $254,140 Units started into production in January 60,300 Units started into production in January 60,300 Units completed and transferred in January: 57,700 Costs added to production: Materials Labor Overhead $288,244 282,658 61.140 $632,042 Total costs added into production in January Work in process ending: Units in process Stage of completion for materials 25,800 50% Stage of completion for conversion cost 10% Prepare a production cost report for Waterways using the weighted-average method. (Round unit costs to 2 decimal places, eg 2.25.) Quantities Units to be WATERWAYS CORPORATION Molding Department Production Report For the Month of January Physical Units Materials accounted for Work in 23200 process, Jan. 1 Started into 60300 production Total units 83500 Equivalent Units Conversion Costs Units accounted for Completed and transferred out 57700 57700 57700 Work in process, Jan. 25800 12900 2580 31 Total units 83500 70600 Costs Unit costs. Costs in January Equivalent Materials 4581941 Conversion Costs 60280 70600 60280 Materials 4581941 $ 70600 649 $ Conversion Costs Total 60280 $ 254140 632042 886182 Reconciliation Schedule Costs accounted for Completed and transferred out Work in process, Jan. 31 Materials Conversion costs Total costs $ C lin