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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 kits or individually. The following information is available for the Molding department for January.

Work in process beginning:
Units in process		22,000
Stage of completion for materials		80%
Stage of completion for conversion cost		30%
Costs in work in process inventory:
Materials		$167,050
Labor		67,710
Overhead		17,130
Total costs in beginning work in process		$251,890
Units started into production in January		59,700
Units completed and transferred in January		57,500
Costs added to production:
Materials		$281,174
Labor		297,988
Overhead		60,580
Total costs added into production in January		$639,742
Work in process ending:
Units in process		24,200
Stage of completion for materials		50%
Stage of completion for conversion cost		10%

(a)

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 choose the accounting period For the Month of JanuaryFor the Quarter Ended January 31January 31
				Equivalent Units
Quantities		Physical Units		Materials		Conversion Costs
Units to be accounted for
Work in process, Jan. 1		enter a number of units
Started into production		enter a number of units
Total units		enter a total number of units
Units accounted for
Completed and transferred out		enter a number of units		enter a number of units		enter a number of units
Work in process, Jan. 31		enter a number of units		enter a number of units		enter a number of units
Total units		enter a total number of units		enter a total number of units		enter a total number of units
Costs				Materials		Conversion Costs		Total
Unit costs
Costs in January				$enter a dollar amount		$enter a dollar amount		$enter a total amount
Equivalent units				enter a dollar amount		enter a dollar amount
Unit costs				$enter a dollar amount rounded to 2 decimal places		$enter a dollar amount rounded to 2 decimal places		$enter a total amount rounded to 2 decimal places
Costs to be accounted for
Work in process, Jan. 1								$enter a dollar amount
Started into production								enter a dollar amount
Total costs								$enter a total amount
Cost Reconciliation Schedule
Costs accounted for
Completed and transferred out								$enter a dollar amount
Work in process, Jan. 31
Materials						$enter a dollar amount
Conversion costs						enter a dollar amount		enter a subtotal of the two previous amounts
Total costs

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