Question

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 labor and overhead 30%      Costs in work in process inventory:        Materials $166,720        Labor 67,490        Overhead 17,340 Total costs in beginning work in process $251,550 Units started into production in January 60,500 Units completed and transferred in January 58,100 Costs added to production:      Materials $281,091      Labor 271,816      Overhead 61,080 Total costs added into production in January $613,987 Work in process ending:      Units in process 24,400      Stage of completion for materials 50%      Stage of completion for labor and overhead 10%

(a) Your answer is partially correct. Try again. 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 For the Quarter Ended January 31For the Month of JanuaryJanuary 31 Equivalent Units Quantities Physical Units Materials Conversion 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 Costs Materials Conversion 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 $ Cost Reconciliation Schedule Costs accounted for    Transferred out $    Work in process, Jan. 31       Materials       Conversion costs    Total costs $

Answer 1