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%

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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 For the Quarter Ended January, 2017For the Month of January, 2017January, 2017EAT_1414649649013_1_2201008223207472
Equivalent Units
Quantities	Physical Units	Materials	Conversion Costs
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
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	$

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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