Waterways Contlnulng Problem {This is a continuation of the Waterways Problem from Chapters 1 and 2. The asterisk" indicates material discussed in the chapter appendix.) WCPS Becausemostofthepartsforits in'igationsjrstemsarestandard.Waterwayshan- dles the majorityofits manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting, and Welding depart- ments. All items eventuallyT end up in the Package department which prepares items for sale in hits or individually. The following information is available for the Molding department for January. Work in process beginning: Units in process ELM] Stage of completion for materials 30% Stage of completion for labor and overhead 30% Costs in work in process inventory: Materials $166,360 Labor H.554 Overhead 1T3?!) Total costs in beginning work in process $253,194 Units started into production in Januaryr 5am Units completed and transferred in Januaryr 58930!) Costs added to production: Materials $264,940 labor 239.=f&3 Overhead 60,513 'Ibtal costs added into production in January,T $614,986 Work in process ending: Units in process 24.\" Stage of completion for materials 50% Stage of completion for labor and overhead 10% Instructions {a} Prepare a production cost report for Waterways using the weighted-average method. '13:} Show the equivalent units for materials and conversion costs if Waterways used FI'FD instead of weightedaverage