Prepare a production cost report for the molding department

Reference no: EM131956271

Problem

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 the 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	22,500
Stage of completion for materials	80%
Stage of completion for labor and overhead	30%
Costs in work in process inventory:
Materials	$174,100
Labor	70,500
Overhead	104,650
Total costs in beginning work in process	$349,250
Units started into production in January	74,000
Units completed and transferred in January	71,000
Costs added to production:
Materials	$926,225
Labor	609,476
Overhead	914,214
Total cots added into production in January	$2,449,915
Work in process ending
Units in process	25,500
Stage of completion for materials	60%
Stage of completion for labor and overhead	30%

Instructions:

Prepare a production cost report for the Molding Department for January using the weighted-average method.

Prepare the journal entry to move the month's production to the Cutting Department.

Reference no: EM131956271

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