Waterways Continuing Problem 21 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 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 60,000 58,000 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 $264,940 289,468 60,578 $614,986 Total costs added into production in January Work in process ending: Units in process Stage of completion for materials Stage of completion for labor and overhead 24,000 50% 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 Equivalent Units Physical Conversion Costs Quantities Units Materials 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