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		24,200
Stage of completion for materials		80%
Stage of completion for labor and overhead		30%
Costs in work in process inventory:
Materials		$169,120
Labor		67,220
Overhead		17,330
Total costs in beginning work in process		$253,670
Units started into production in January		60,100
Units completed and transferred in January		57,500
Costs added to production:
Materials		$261,243
Labor		287,716
Overhead		61,030
Total costs added into production in January		$609,989
Work in process ending:
Units in process		26,800
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 January 31For the Quarter Ended January 31For the Month of January
				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								$

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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