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Please solve all red boxes PRINTER VERSION BACK Question 3 Because most of the parts for its irrigation systems are standard, Waterways handles the majority
Please solve all red boxes
PRINTER VERSION BACK Question 3 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 proces departments. Three of these departments are the Molding, Cuting, and Welding departments. All items eventually end up in the Package 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 Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: 22,000 80% 30% Materials Labor Overhead $168,360 67,564 17,270 $253,194 Total costs in beginning work in process Units started into production in January Units completed and transferred in January Costs added to production: 58,000 Materials Labor Overhead $264,940 289,468 60,578 $614,986 Total costs added into production in January Work in process ending: Units in process 24,000 50% Stage of completion for materials Units in process Stage of completion for materials Stage of completion for labor and overhead 24,000 50% 10% (a) Your answer is incorrect. Try again. 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 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 Transferred out Work in process, Jan 31 Total units Conversion Costs Costs Unit costs Materials Total Costs in January Equivalent units Unit costs Costs to be accounted for Work in process, Jan. 1 Started into production PRINTER VE Work in process, Jan. 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, Jan. 31 Materials costs Total costsStep by Step Solution
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