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 endup 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 21,200

Stage of completion for materials80%

Stage of completion for labor and overhead30%

Costs in work in process inventory:

Materials$166,780

Labor68,150

Overhead17,270

Total costs in beginning work in process $252,200

Units started into production in January 60,400

Units completed and transferred in January 58,200

Costs added to production:

Materials $285,473

Labor278,100

Overhead60,260

Total costs added into production in January $623,833

Work in process ending:

Units in process23,400

Stage of completion for materials50%

Stage of completion for labor and overhead10%

(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 31January 31For the Month of January

Equivalent Units

QuantitiesPhysical

Units

Materials

Conversion

Costs

Units to be accounted forWork in process, Jan. 1

Started into production

Total units

Units accounted forTransferred out

Work in process, Jan. 31

Total units

CostsMaterials

Conversion

Costs

Total

Unit costsCosts in January$

$

$

Equivalent units

Unit costs$

$

$

Costs to be accounted forWork in process, Jan. 1$

Started into production

Total costs$

Cost Reconciliation ScheduleCosts accounted forTransferred out$

Work in process, Jan. 31Materials

Conversion costs

Total costs$