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) Cost Molding department None None Finishing department 5,000 $ 21,00 2,982 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 $570,000 Conversion $ 150,00 173,53e 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 Physical Units FIFO Equivalent Units Direct Conversion Materials Completion Percentage Input: Beginning WIP Direct materials Conversion Units started (lbs) Total to account for 96 Output: Units finished or trans-out (lbs) Ending WIP Direct materials Conversion %% 9% Total accounted for (lbs) Total equivalent units Units Cost Determination Direct Material Conversion Total Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU Cost Assignment Units Units in Completed and Ending WIP Total Total equivalent units Units Cost Determination Direct Conversion Total Material Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU Cost Assignment Units Units in Completed and Ending WIP Transferred Out Inventory Total los Ibs Ibs Ibs 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 costs accounted for lbs los lbs Itequired 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.) Production Information Finishing Department Physical Units FIFO Equivalent Units Direct Materials Conversion Transferred-in Costs Completion Percentage 96 96 Input: Beginning WIP Direct materials Conversion Units started or trans-in Total to account for Output: Units finished or trans-out Ending WIP Direct materials Conversion % 96 Total accounted for Total equivalent units Unit Cost Determination Materials Conversion Trans-in Total Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU Unit Cost Determination Materials Conversion Trans-in Total Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU Cost Assignment Completed and Ending Work Trans-Out in Process Total units Finished goods Prior period costs in Beginning WIP Current period cost to complete Beg WIP Direct Materials Conversion Units started and finished Equiv units Equiv units Total Ending WIP Trans-in Direct materials Conversion Total costs accounted for units 96 % 96