Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January Work-in-Process Inventory Molding department Finishing department January 1 Quantity (pounds) Cost None 5,000 $16,500 January 31 Quantity (pounds) Cost None 2,000 ? The WIP Inventory in the finishing department is estimated to be 40% complete for conversion both at the beginning and end of January. Costs of production for January follow: Costs of Production Molding department Finishing department Direct Materials $480,000 Conversion $105,900 103,600 The molding department started 50,000 pounds of product in January. The firm uses the FIFO method of process costing. Required 1. Prepare a production cost report for the molding department. 2. Prepare a production cost report for the finishing department Complete this question by entering your answers in the tabs below. Required 1 Required 2 duction cost report for the molding department. (Round "Cost per EU" answers to 2 decimal places. Negative amounts should be Production Information Molding Department Physical Units Completion Percentage FIFO Equivalent Units Direct Conversion Materials % 0 Input Beginning WIP Direct materials Conversion Units started (lbs) Total lo account for Output Units finished or trans-out (lbs) Ending WIP Direct matenals Conversion Total accounted for (bs) Total equivalent units % % 0 0 Units Cost Determination Direct Material Conversion Total Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU 0 0 $ OS 0 $ $ 0.00 Cost Assignment Units Units in Completed and Ending WIP Transferred Out Inventory Total lors ba Finished goods Pror period costs in Beginning WP Current penod cars to complete Bog WIP Cost of units started and finished Total Ending WP Direct materials Conversion Total manufacturing costs accounted for bs bs 55 $ OS US 0 Required 2 > Production Information Finishing Department Physical Units Completion Percentage Transferred in Costs FIFO Equivalent Units Direct Conversion Materials 16 al Input Beginning WIP Ditec malonas Conversion Units started or trans in Total to account for Output Units Sinshed or trans out Ending WP Direct materials Conversion Total accounted for Total equivalent units % 10 0 0 Unit Cost Determination Materials Conversion Trans in Total 0 Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU s 0 $ 0.00 Cost Assignment Completed and Ending Work Trans Out in Process Total unds Fished goods Pror period costs in Begening WIP Current period cost to complete Bieg WP Deod Marenas Conversion Unted and find To Ending WP Equvunts Equvunts uns Coron Total mandados counted for 5 0 $ 0