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 22,000 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 $166,720 67,490 17,340 $251,550 60,500 58,100 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 Stage of completion for labor and overhead $281,091 271,816 61,080 $613,987 24,400 50% 10% (a) Prepare a production cost report for Waterways using the weighted average method. (Round unit costs to 2 Physical Units Materials Costs Quantities Units to be accounted for Work in process, Jan. 1 22,000 60,500 Started into production Total units 82,500 Units accounted for Transferred out Work in process, Jan. 31 58,100 24,400 82,500 58,100 12,200 70,300 58,100 2,440 60,540 Total units Materials Conversion Costs Total Costs Unit costs Costs in January 447,811 Equivalent units 70,300 60,540 Unit costs 6.37 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