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. 19,900 80% 30% Work in process beginning: Units in process Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: Materials Labor Overhead Total costs in beginning work in process $167,550 67,980 17,300 $252,830 Units started into production in January Units completed and transferred in January 59,700 57,800 Costs added to production: Materials $251,520 Labor Overhead Total costs added into production in January Work in process ending: 304,230 60,340 $616,090 Units in process 21,800 50% Stage of completion for materials 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 For the Month of January Equivalent Units Physical Units Conversion Costs Materials Quantities Units to be accounted for Work in process, Jan. 1 Started into production 19900 59700 Total units 79600 Units accounted for Transferred out 57800 57800 57800 Work in process, Jan. 31 21800 10900 2180 Total units 79600 68700 59980 Conversion Costs Costs Materials 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 ta out Work in process, Jan. 31 Materials Conversion costs Total costs $ e Textbook and Media Assistance Used 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 19900 3980 5970 Started and completed in Jan. Work in process, Jan. 31 21800 10900 2180 Total units