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 22.100 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 $ 169.750 67.870 17.290 $254.910 Units started into production in January 59,800 Total costs in beginning work in process $ 254.910 59,800 58.100 Units started into production in January Units completed and transferred in January Costs added to production: Materials $ 277.550 Labor 302.412 59.980 $639,942 Overhead Total costs added into production in January Work in process ending: Units in process Stage of completion for materials Stage of completion for labor and overhead 23,800 50% 10% Prepare a production cost report for Waterways using the weighted average method. (Round unit costs to 2 decimal places, e.s. 2.25.) WATERWAYS CORPORATION Molding Department Production Report Equivalent Units Physical Units Conversion Costs Materials Quantities Units to be accounted for Work in process, Jan. 1 Started into production Total units Total units Units accounted for Transferred out Work in process, Jan 31 Total units Conversion Costs Costs Materials Toi Unit costs Costs in January $ $ COSTS Materiais COSTS 101 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 VOLO Cost Reconciliation Schedule Costs accounted for Transferred out $ Work in process, Jan 31 Materials Conversion costs Total costs $ 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