*Waterways Problem 16 Because most of the parts for its irrigation systems are standard, Waterways handles the majority of ii: 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 kils or individually. The following information is available for the Molding department for January. Work in process beginning: Units in process 21,700 Stage of completion for materials 80% Stage of completion for labor and overhead 30% Costs in work in process inventory: Materials $167,110 Labor 67,700 Overhead 17,350 Total costs in beginning work in process $252,160 Units started into production in January 60,000 Units completed and transferred in January 58,300 Costs added to production: Materials $267,590 Labor 302,896 Overhead 60,790 Total costs added into production in January $631,276 Work in process ending: Units in process 23,400 Stage of completion for materials 50% 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, 2.9. 2.25.) WATERWAYS CORPORATION Molding Department Production Report Equlvalent Unlts Physlcal Conversion Quantltles Units Materials Costs Units to be accounted for Work in process, Jan. 1 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 Quantities Units Materials Costs 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 Materials Costs 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 $ 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 $ 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
