Waterways Problem 03 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 lots or individually The following information is available for the Molding department for January Work in process beginning: Units in process 22,900 Stage of completion for materials 80% Stage of completion for labor and overhead 30% Costs in work in process inventory: Materials $167320 Labor 67,830 Overhead 12,420 Total costs in beginning work in process 5252.570 60.100 58.100 Units started into production in January Units completed and transferred in January Costs added to productions Materials Labor Overhead uts added into production in January $260.679 278,000 60,820 5607.559 BM CALCULATOR PAIR RCES $607,559 n03 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 24,900 50% 10% Study 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 Physical Units Equivalent Units Conversion Materials Costs 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. 1 Started into production Total units Units accounted for Transferred out Work in process, Jan. 31 Total units Costs Materials Conversion Costs Unit costs Total 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 Transferred out Work in process, Jan. 31 Materials Conversion costs Total costs LINK TO TEXT LINK TO TEXT Show the equivalent units for materials and conversion costs if Waterways used FIFO instead of weighted average. Physical Units Equivalent Units Materials Conversion Units accounted for Completed and transferred Show the equivalent units for materials and conversion costs if Waterways used FIFO instead of weighted average. Equivalent Units Materials Conversion Physical Units Units accounted for Completed and transferred out Work in process, Jan. 1 Started and completed in Jan. Work in process, Jan. 31 Total units Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT Question Attempts