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 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 23,200 80% 30% Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: Materials Labor $169,950 67,000 17,190 Overhead Total costs in beginning work in process $254,140 Units started into production in January Units completed and transferred in January Costs added to production: 60,300 57,700 Materials Labor $288,244 282,658 61,140 $632,042 Overhead Total costs added into production in January Units in process 25,800 50% Stage of completion for materials Stage of completion for labor and overhead 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 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 Materials Total Unit costs 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 ot Work in process, Jan. 31 Materials Conversion costs Total costs Show the equivalent units for materials and conversion costs if Waterways used FIFO instead of weighted average. Equivalent Units Physical Units Materials Conversion Units accounted for Completed and transferred out Work in process, Jan. 1 Started and completed in Jan. Work in process, Jan. 31 Total units