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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

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 21,400
Stage of completion for materials 80%
Stage of completion for labor and overhead 30%
Costs in work in process inventory:
Materials $166,710
Labor 66,960
Overhead 17,210
Total costs in beginning work in process $250,880
Units started into production in January 59,600
Units completed and transferred in January 57,700
Costs added to production:
Materials $253,551
Labor 268,927
Overhead 61,110
Total costs added into production in January $583,588
Work in process ending:
Units in process 23,300
Stage of completion for materials 50%
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

WATERWAYS CORPORATION Molding Department Production Report For the Month of JanuaryJanuary 31For the Quarter Ended January 31

Equivalent Units

Quantities

Physical Units

Materials

Conversion Costs

Units to be accounted for

Work in process, Jan. 1

Started into production

Total units

Units accounted for

Transferred out

Work in process, Jan. 31

Total units

Costs

Materials

Conversion Costs

Total

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

$

eTextbook and Media

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

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