21-1
SOLUTION
Chapter 21 Waterways Continuing Problem
WCP21
(a) Production Report — Weighted-Average Method
Waterways Corporation
Molding Department Production Report
For the month of January
Equivalent Units
Physical
Units
Materials
Conversion
Quantities
Units to be accounted for:
Work in process, Jan 1 (80% materials, 30% conversion)
24,000
Started into production
60,000
Costs
Unit costs
Materials
Conversion
Costs
Total
Costs in January*
(a)
$433,810
$434,502
$868,312
Equivalent units
(b)
Unit costs [(a) / )b)]
Costs to be accounted for
Work in process, January 1
$252,816
Started into production
Total costs
$868,312
Conversion costs – $67,564 + $16,892 + $289,468 + $60,578
Cost Reconciliation Schedule
Costs accounted for
Transferred out (58,000 X $13.28)
$770,240
Work in process, Jan 31
Materials (13,000 x $6.11)
79,430
Conversion (2,600 x $7.17)
18,642
Total costs
$868,312
Total units
84,000
Units accounted for:
Transferred out
58,000
Work in process, Jan 31 (50% materials, 10% conversion)
26,000
Total units
84,000