Problem 6-46 FIFO Method; Two Departments [LO 6-2, 6-5, 6-6) 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 Molding department Finishing department January 1 Quantity (pounds) Cost None 5,000 $17,000 January 31 Quantity (pounds) Cost None 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 Production Molding department Finishing department Direct Materials $490,000 Conversion $110,000 111,370 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. Required Required 1 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.) Production Information Molding Department Physical Units FIFO Equivalent Units Direct Conversion Materials Completion Percentage % % 0 Input: Beginning WIP Direct materials Conversion Units started (lbs) Total to account for Output: Units finished or trans-out (lbs) Ending WIP Direct materials Conversion Total accounted for (lbs) Total equivalent units % % 0 0 0 Units Cost Determination Direct Conversion Total Material Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU 0 0 $ 0 $ 0 $ $ 0.00 Cost Assignment Units Units in Completed Ending and Total WIP Transferred Out Inventory lbs lbs lbs lbs 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 manufacturing costs accounted for 0 0 0 lbs lbs lbs $ 0 $ 0 $ 0 Required 1 Required 2 > Required Required 1 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.) Show less Production Information Finishing Department Physical Units Completion Percentage Transferred- in Costs FIFO Equivalent Units Direct Conversion Materials % % % % 0 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 Total accounted for Total equivalent units % % % 0 0 0 0 Unit Cost Determination Trans-in Materials Conversion Total 0 Beginning WIP Current costs Total Divide by equivalent units FIFO Cost per EU $ 0 $ 0.00 Cost Assignment Completed Ending and Trans Work in Out Process Total units Finished goods Prior period costs in Beginning WIP Current period cost to complete Beg WIP Direct Materials Conversion Equiv units Equiv units Units started and finished $ 0 units Total Ending WIP Trans-in Direct materials Conversion Total manufacturing costs accounted for % % $ 0 $ 0 $ 0