Managerial Accounting: WCP21 Waterways Continuing Problem

Managerial Accounting 
Waterways Continuing Problem 21: WCP21 
This is a continuation of the Waterways Problem from Chapters 19 and 20.The asterisk * indicates material discussed in the chapter appendix.
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 Package 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 24,000 
Stage of completion for materials 80% 
Stage of completion for labor and overhead 30% 
Costs in work in process inventory: 
Materials 168,360 
Labor 67,564 
Overhead 16,892 
Total costs in beginning work in process 252,816 

Units started into production in January 60,000 
Units completed and transferred in January 58,000 
Costs added to production: 
Materials 265,450 
Labor 289,468 
Overhead 60,578 
Total costs added into production in January 615,496 

Work in process ending: 
Units in process 26,000 
Stage of completion for materials 50% 
Stage of completion for labor and overhead 10% 

Instructions 
a. Prepare a production cost report for Waterways using the weighted-average method. 
b. Show the equivalent units for materials and conversion costs if Waterways used FIFO instead of weighted- average.
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