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 22,000

Stage of completion for materials 80%

Stage of completion for labor and overhead 30%

Costs in work in process inventory:

Materials $167,050

Labor 67,710

Overhead 17,130

Total costs in beginning work in process $251,890

Units started into production in January 59,700

Units completed and transferred in January 57,500

Costs added to production:

Materials $281,174

Labor 297,988

Overhead. 60,580

Total costs added into production in January $639,742

Work in process ending:

Units in process 24,200

Stage of completion for materials 50%

Stage of completion for labor and overhead 10%

Prepare a production cost report for Waterways average method. (Round unit costs to 2 decimal places, eg. 2.25.) WATERWAYS CORPORATION Molding Department Production Report Physical Units Equivalent Units Conversion Costs Materials Quantities Units to be accounted for Work in process, Jan. 1 22000 Started into production 59,700 Total units 81700 Units accounted for Transferred out S7.500 Work in process, Jan. 31 24 200 Total units 81700 59920 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 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 SA e Textbook and Media RE - Your answer is partially correct. Transferred out Work in process, Jan. 31 Materials Conversion costs Total costs e Textbook and Media - Your answer is partially correct. Show the equivalent units for materials and conversion costs if Waterways used FIFO instead of weighted average. Equivalent Units Materials Conversion Physical Units Units accounted for Completed and transferred out Work in process, Jan. 1 22.000 4400 1 5400 Started and completed in Jan. Work in process, Jan. 31 III 57500 24200 IN 12100 2 420 1 Total units 1 e Textbook and Media