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		21,000
Stage of completion for materials		80%
Stage of completion for conversion cost		30%
Costs in work in process inventory:
Materials		$167,110
Labor		66,960
Overhead		17,290
Total costs in beginning work in process		$251,360
Units started into production in January		59,700
Units completed and transferred in January		58,100
Costs added to production:
Materials		$282,602
Labor		283,286
Overhead		61,020
Total costs added into production in January		$626,908
Work in process ending:
Units in process		22,600
Stage of completion for materials		50%
Stage of completion for conversion cost		10%

Prepare a production cost report for Waterways using the weighted-average method. (Round unit costs to 2 decimal places, e.g. 225.) WATERWAYS CORPORATION Molding Department Production Report Physical Units Equivalent Units Conversion Materials Costs Quantities 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 Conversion Costs Materials Total s Costs Unit costs Costs in January Equivalent units Unit costs $ $ $ Costs to be accounted for Work in process, Jan 1 Started into production Total costs S Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, Jan. 31 Materials $ Conversion costs Total costs $ (b) 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