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 22,500 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 $168,920 66,970 17,310 $253,200 59.500 58,500 Units started into production in January Units completed and transferred in January Costs added to production: Materials Labor Overhead Total costs added into production in January Work in process ending: Units in process Stage of completion for materials Stare of completion for laborand overhead $270,845 287.465 60,290 $618,600 23.500 50% 102 Prepare a production cost report for Waterways using the weighted average method. (Round unit costs to 2 decimal places, eg. 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 60000 Total units 82000 Units accounted for Transferred out Work in process, Jan. 31 Total units 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 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. Physical Units Materials Equivalent Units 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