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Help me complete Production Report and the Equivalent Units Because most of the parts for its irrigation systems are standard, Waterways handles the majority of
Help me complete Production Report and the Equivalent Units
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. Prepare a production cost report tor Waterways using the weighted-average method. (Round unit costs to 2 decimal places, e.g. 2.25J Quantities units to be accounted for Work in process, Jan. 1 Started into production Total units units accounted for Completed and transferred out Work in process, Jan. 31 Total units 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 Cost Reconciliation Schedule Costs accounted for Completed and transferred out Work in process, Jan. 31 Materials Conversion costs Tota I costs Materials Conversion Costs Total WATERWAYS CORPORATION Molding Department Production Report For the Month of January Equivalent units Work in process beginning: Units in process Stage of completion for materials Stage of completion for conversion cost Costs in work in process inventory: Materials Labor Overhead Total costs in beginning work in process Units started into production in January units completed and transferred in January Costs added to production: Materials Labor Overhead rotal costs added into production in January Nork in process ending: Units in process Stage of completion for materials Stage of completion for conversion cost 23,600 $168,260 67,760 17,320 $253,340 59,500 57,700 $267,516 293,942 60,730 $622,188 25,400 50% 10% Physical un its 23,600 59,500 83,100 Materials Conversion Costs 60,240 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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