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 Work-in-Process Inventory Quantity (pounds) Cost Molding department None Finishing department 5,000 $ 15,000 January 31 Quantity (pounds) None 2,000 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 $ 450,000 Conversion $ 90,000 80,290 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.