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 31 Quantity January 1 Work-in-Process Inventory Quantity (pounds) Cost (pounds) Cost Molding department None None - Finishing $ 5,000 department 15,000 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: Direct Costs of Production MaterialsConversion $ Molding department $ 90,000 450,000 Finishing 80,290 department 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 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.) Molding Department Input: Beginning WIP Direct materials Conversion Units started (lbs) Production Information FIFO Equivalent Units Physical Units Completion Percentage Direct Materials Conversion 96 96 50,000 50,000 Total to account for Output: Units finished or trans-out (lbs) 50,000 Ending WIP Direct materials Conversion 96 96 Total accounted for (lbs) 50,000 Total equivalent units Direct Material Units Cost Determination Conversion Total Beginning WIP Current costs 0 Total S 0 $ 0 $ 0 Divide by equivalent units FIFO Cost per EU $ 0.00 0 0 Units Completed and Transferred Cost Assignment Units in Ending WIP Inventory Out Finished goods lbs Prior period costs in Beginning WIP lbs Current period cost to complete Beg WIP lbs Cost of units started and finished lbs 0 Total Ending WIP Direct materials Conversion Total costs accounted for Total 0 lbs lbs lbs S 0 S Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a production cost report for the finishing department. (Round "Cost per EU" answers to 2 decimal places. Negative amounts should be indicated by minus sign.) Finishing Department Input: Production Information FIFO Equivalent Units Physical Units Completion Percentage Transferred- in Costs Direct Materials Conversion Beginning WP Direct materials Conversion Units started or trans-in % % % Total to account for 0 Output: Units finished or trans-out Ending WP Direct materials Conversion % % % Total accounted for 0 Total equivalent units Unit Cost Determination Trans-in Materials Conversion Total 0 0 0 Beginning WP Current costs 0 Total $ 0 $ 0 $ 0 S 0 Divide by equivalent units FIFO Cost per EU S 0.00 Completed and Trans- Out units Finished goods Prior period costs in Beginning WP Current period cost to complete Beg WP Direct materials Equiv Conversion units Equiv Units started and finished units Total Ending WIP Cost Assignment Ending Work in Process Total S units % % % $ 0 S 0 S Trans-in Direct materials Conversion Total costs accounted for < Required 1 Required 2 >