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		22,900
Stage of completion for materials		80%
Stage of completion for labor and overhead		30%
Costs in work in process inventory:
Materials		$167,320
Labor		67,830
Overhead		17,420
Total costs in beginning work in process		$252,570
Units started into production in January		60,100
Units completed and transferred in January		58,100
Costs added to production:
Materials		$268,679
Labor		278,060
Overhead		60,820
Total costs added into production in January		$607,559
Work in process ending:
Units in process		24,900
Stage of completion for materials		50%
Stage of completion for labor and overhead		10%

PLEASE REDO ALL BOXES

*Waterways Problem 16 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 eventuely end up in the Packaging Department, which prepares items for sale in its or individually The following information is available for the Molding department for January 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 22.900 80% 30% $162,320 67,830 17,420 $2$2,570 Overhead Total costs in beginning work in process 60,100 58,100 Units started into production in January Units completed and transferred in January Costs added to production: Materials $268.679 278,060 60,820 5607,559 Overhead Total costs added into production in January Work in process ending: Unes in process Stage of completion for materials Stage of completion for her and overhead 24,900 50% 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 For the Month of Janua Equivalent Units Physical Conversion Units Materials Costs Quantities Units to be accounted for Work in process, Jan. 1 22900 Started into production 60100 Total units 83000 Units accounted for Transferred out 58100 58100 58100 12450 Work in process, Jan. 31 24900 2490 Total units 83000 70550 60590 Materials Conversion Costs Total Costs Unit costs Costs in January 167,320 85250 252570 Equivalent units 70550 60590 Unit costs 2.37 $1.41 3.78 Costs to be accounted for Work in process, Jan. 1 $167320 Started into production 85250 Total costs 252570 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 Equivalent 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