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 24,100
Stage of completion for materials 80%
Stage of completion for labor and overhead 30%
Costs in work in process inventory:
Materials $168,470
Labor 68,020
Overhead 17,160
Total costs in beginning work in process $253,650
Units started into production in January 59,800
Units completed and transferred in January 58,300
Costs added to production: Materials $281,593
Labor 311,150
Overhead 60,120
Total costs added into production in January $652,863
Work in process ending:
Units in process 25,600
Stage of completion for materials 50%
Stage of completion for labor and overhead 10%

Required:
Prepare a production cost report for Waterways using the weighted-average method.

Waterways

Molding Department

Production Cost Report

Total costs of production:

                                                Units     Materials      Conversion      Total

Costs in work in process inventory:    $168,470        $85,180     $253,650

Units started in January                      $281,593        371,270     $652,863

Total costs of production                   $450,063    $456,450      $906,513

Equivalent units of production:

                                                      Units     Materials      Conversion

Units completed & transferred 58,300       58,300           58,300

Work in process ending:           25,600        12,800              2,560

                                                                 (25,600*50%)    (25,600*10%)

Total equivalent units                                    71,100            60,860

Cost per equivalent unit:

                                                  Materials      Conversion

Total costs of production        $450,063       $456,450

Total equivalent units                    71,100           60,860

Cost per equivalent unit                $6.33             $7.50

Costs Assigned to units:

                                                              Materials      Conversion  Total

Cost per equivalent unit                          $6.33              $7.50

Units started and completed (58,300)  $369,039     $437,250  $806,289

Work in Process, ending   12,800/2,560    81,024          19,200     100,224

Total costs assigned                              $450,063     $456,450  $906,513

Explanation:

a) Data and Calculations:

                                                Units     Materials      Conversion      Total

Work in process beginning:   24,100       80%               30%  

Costs in work in process inventory:    $168,470        $85,180     $253,650

Labor 68,020

Overhead 17,160

Units started in January      59,800   $281,593        371,270    $652,863

Units transferred                 58,300  

Labor 311,150

Overhead 60,120  

Work in process ending:     25,600        50%                10%

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