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: January 1 January 31 Quantity Quantity work-in-Process Inventory (pounds) Cost (pounds) Molding department None None Finishing department 5, eee $22,500 2,600 cost ? 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 $600,000 Conversion $165,000 196,840 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. Prepare a production cost report for the molding department. (Round "Cost per EU answers to 2 decimal places. Negative amounts should be indicated by minus sign.) Production Information Molding Department FIFO Equivalent Units Physical Direct Units Completion Percentage Materials Conversion Input: Beginning WIP Direct materials % Conversion % Units started (lbs) 50.000 Total to account for 50,000 Output: Units finished or trans-out (lbs) 50.000 Ending WIP Direct materials 50,000 100% Conversion 50,000 1,000% Total accounted for (lbs) 150,000 Total equivalent units 0 Units Cost Determination Direct Material Conversion Total 0 Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU S 01 S 0 $ 0 S 0.00 Cost Assignment Units Units in Completed and Ending WIP Transferred Out Inventory Total lbs lbs Ibs lbs Finished goods Prior period costs in Beginning WIP Current period cost to complete Beg WIP Cost of units started and finished Total Ending WIP Direct materials Conversion Total manufacturing costs accounted for 0 0 0 lbs lbs lbs $ 0 $ 0 S 0