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help please Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system.
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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 22,100 80% Stage of completion for materials Stage of completion for conversion cost Costs in work in process inventory: 30% Materials $169.750 Labor 67,870 17.290 Overhead Total costs in beginning work in process $254.910 59,800 Units started into production in January Units completed and transferred in January 58,100 Costs added to production Materials $277.550 Costs added to production: Materials $277.550 Labor 302,412 Overhead 59,980 Total costs added into production in January $639,942 Work in process ending: Units in process 23,800 Stage of completion for materials 50% Stage of completion for conversion cost 10% (a) Prepare a production cost report for Waterways using the weighted average method. (Round unit costs to 2 decimal eg. 2.25.) WATERWAYS CORPORATION Molding Department Production Report Equivalent Units WATERWAYS CORPORATION Molding Department Production Report Equivalent Units Physical Units Conversion Costs Materials 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 Completed and transferred out Work in process, Jan 31 Total units Conversion Costs T Costs Materials Unit costs $ Costs in January $ I Equivalent units $ $ Unit costs $ Costs to be accounted for Workin process, Jan. 1 TOUCOSUS Cost Reconciliation Schedule Costs accounted for Completed and transferred $ out Work in process, Jan 31 Materials Conversion costs Total costs Step by Step Solution
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