Company manufactures hockey sticks through two processes: Molding and Packaging. In the Molding department, the urethane, rubber, graphite, and other materials are molded into hockey sticks. In the Packaging department, the balls are placed in cartons and sent to the warehouse and stored as finished goods. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding department January 2019 are presented below.

Production Data	January
Beginning work in process units	0
Units started into production	50,000
Ending Work in process units	2,500
Percent complete ending inventory	40%

Cost Data
Materials	$510,000
Labor	$92,500
Overhead	$150,000
Total	$752,500

Instructions

1. Prepare a schedule showing physical units of production.
2. Determine the equivalent units of production for materials and conversion costs.
3. Compute the unit costs of production.
4. Determine the costs to be assigned to the units transferred out and in process for January.
5. Prepare a production cost report for the Molding Department for the month of January.