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.

Work in process beginning:

Units in process $23,600$

Stage of completion for materials $80\%$

Stage of completion for conversion cost $30\%$

Costs in work in process inventory:

Materials $$168,260$

Labor $67,760$

Overhead $17,320$

Total costs in beginning work in process

$$253,340$

Units started into production in January $59,500$

Units completed and transferred in January $57,700$

Costs added to production:

Materials $$267,516$

Labor $293,942$

Overhead $60,730$

Total costs added into production in January $$622,188$

Work in process ending:

Units in process $25,400$

Stage of completion for materials $50\%$

Stage of completion for conversion cost $10\%$

$($a$)$

Your answer is partially correct.

Prepare a production cost report for Waterways using the weighted$-$average method. $($Round unit costs to $2$ decimal places, e$.$g$.2\mathrm{.}25.)$

WATERWAYS CORPORATION

Molding Department Production Report

choose the accounting period

For the Month of January

Correct answer

Equivalent Units

Quantities

Physical

Units

Materials

Conversion

Costs

Units to be accounted for

Work in process, Jan. $1$

enter a number of units

$23600$

Correct answer

Started into production

enter a number of units

$59500$

Correct answer

Total units

enter a total number of units

$83100$

Correct answer

Units accounted for

Completed and transferred out

enter a number of units

$57700$

Correct answer

enter a number of units

$57700$

Correct answer

enter a number of units

$57700$

Correct answer

Work in process, Jan. $31$

enter a number of units

$25400$

Correct answer enter a number of units

$12700$

Correct answer enter a number of units

$2540$

Correct answer

Total units

enter a total number of units

$83100$

Correct answer enter a total number of units

$70400$

Correct answer enter a total number of units

$60240$

Correct answer

Costs

Materials

Conversion

Costs

Total

Unit costs

Total costs

$enter a dollar amount

$enter a dollar amount

Incorrect answer $enter a dollar amount

Incorrect answer

Equivalent units

enter a number of units

$70400$

Correct answer enter a number of units

$60240$

Correct answer

Unit costs

$enter a dollar amount rounded to $2$ decimal places

Incorrect answer $enter a dollar amount rounded to $2$ decimal places

Incorrect answer $enter a dollar amount rounded to $2$ decimal places

Incorrect answer

Costs to be accounted for

Work in process, Jan. $1$

$enter a dollar amount

Incorrect answer

Started into production

enter a dollar amount

Incorrect answer

Total costs

$enter a total amount

Incorrect answer

Cost Reconciliation Schedule

Costs accounted for

Completed and transferred out

$enter a dollar amount

Incorrect answer

Work in process, Jan. $31$

Materials

enter a dollar amount

Incorrect answer

Conversion costs

enter a dollar amount

Incorrect answer enter a subtotal of the two previous amounts

Incorrect answer

Total costs

$enter a total amount for this statement