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 January 1 January 31 Quantity (pounds) Cost Quantity (pounds) Cost Molding department None None Finishing department 5,000 $ 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: Costs of Productlion Direct Materials Conversion Molding department $ 450,000 $ 90,000 Finishing department 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.I

Required 1 Required 2 Prepare a production cost report for the molding department. (Round Cost per Eur answers to 2 decim place. Negative amo indicated by minus sign) Production Information Welding Department FIFO Equivalent Units Physical Direct Units Completion Percentage Conveni Material 0 01 0 01 ol 0 0 50 000 50.000 01 0 Jegling WIP Direct materials Convention Ihastaned) Total to account for Output : Unfinished but Ending WP Direct materials Conversion Total account torto) Total valor 5.000 N 5.000 Units Cost Determination Direct Material Conversion Total Unita Coat Durmination Direct Conversion Material Total Begin WIP Current costs Total Oviteten riro Cast part 0 0 5 05 05 S 0:00 Cast Assignment Lails Units in Completed Ending WP Transferred Out Inventory Total os Fished goods Prior periodo in Beginning WIP Current period cost to complete Bog WIP Cost of units started and nished Total Endang Direct Conversion Totaldo bo be al $ Mees > mon) Prati Tinishing Department Physical Une FOFO EU Camera Tomature Coats Completion Post O Input Degenen WP Direc Down Unaware or iron Total Output Untaminador Ending WIP Dred Coro Total accounted for Totta 2 Material Conversion Total D D Current 0 0 $ $ Unit Cost Determine Trane-in Material Conversion Total PROCE 000 D Beg Comercats Tow Divide by equivalent units 3 0. OS OS Cost Assignment Come and Ending Work Trans-Out in Pro Fidge Pior periode Din Com Uwand Equ 5 Ending WIP 1 re C