The last screen, (b) show the equivalent units and conversion costs if Waterwork

Question

The last screen,
(b) show the equivalent units and conversion costs if Waterworks used FIFO instead of weighted average.

Waterways Continuing Problem 17 (Part Level Submission) 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 lanuary. Work in process beginning: Units in process Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: 22,000 80% 30% Materials Labor Overhead $168,360 67,564 17,270 $253,194 60,000 58,000 Total costs in beginning work in process Units started into preduction in January Units completed and transferred in January Costs added to production: Materials Labor Overhead 5264,940 289,469 60,578 5614.986 Total costs added into production in January Work in process ending: Units in process Stage of completion for materials Stage of completion for labor and overhead 24,000 50% 10% Prepare s product on cost report for Waterways using the weighted-e.erage method. (Round unit costs to 2 decimal places, e.g. 2.25.)

Explanation / Answer

Physical units Materials Conersion costs Units accounted for Completed and transferred out: Work in process, Jan 1 22000 4400 15400 Started and completed in Jan 36000 36000 36000 Work in process, Jan 31 24000 12000 2400 Total units 82000 52400 53800

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