$($b$)$

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 accounted for

eTextbook and Media

Assistance Used

Attempts: $0$ of $5$ used 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.

$($a$)$

Prepare a production cost report for Waterways using the weighted$-$average method. $($Round unit costs to $2$ decimal places, e$.$g $2\mathrm{.}25.)$

Units to be accounted for

Work in process, Jan. $1$

Started into production

Total urits to be accounted

for

Units accounted for

Costs to be accounted for

Work in process, Jan. $1$

Started into production

Total costs to be accounted

for

Cost Reconciliation Schedule

Costs accounted for

Completed and transferred out

Work in process, Jan. $31$

Materials

Conversion costs