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: January 31 Quantity (pounds) January 1 Quantity (pounds) Work-in-Process Inventory Molding department Finishing department Cost Cost None None $22,000 2,000 5,000 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: Direct Costs of Production Materials Conversion $160,000 189,070 Molding department Finishing department $590,000 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 FIFO Equivalent Units Physical Units Direct Materials Conversion Completion Percentage Input: Beginning WIP Direct materials % Conversion % Units started (lbs) 0 Total to account for Output: Units finished or trans-out (lbs) Ending WIP Direct materials % Conversion % Total accounted for (lbs) 0 Total equivalent units 0 Units Cost Determination Direct Material Conversion Total Beginning WIP Current costs 0 Total $ 0 0 Divide by equivalent units FIFO Cost per EU SS 0.00 Cost Assignment Units in Ending WIP Inventory Units Completed and Transferred Out Total Finished goods Ibs Prior period costs in Beginning WIP Ibs Current period cost to complete Beg WIlP lbs Cost of units started and finished lbs Total C 0 0 Ending WIP lbs Direct materials bs Conversion lbs 0$ Total manufacturing costs accounted for 0 C Required 2 Required 1 Prepare a production cost report for the finishing department. (Round "Cost per EU" answers to 2 decimal places. Negative amounts should be indicate minus sign.) Production Information Finishing Department FIFO Equivalent Units Direct Materials Physical Units Transferred-in Completion Percentage Conversion Costs 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 0 Total equivalent units 0 0 Unit Cost Determination Trans-in Materials Conversion Total Beginning WIP Current costs 0 Total $ C Divide by equivalent units FIFO Cost per EU $ 0.00 Cost Assignment Completed and Trans-Out Ending Work in Process Total Finished goods units Prior period costs in Beginning WIP Current period cost to complete Beg WIP Direct Materials Conversion Equiv units Equiv units Units started and finished 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: January 31 Quantity (pounds) January 1 Quantity (pounds) Work-in-Process Inventory Molding department Finishing department Cost Cost None None $22,000 2,000 5,000 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: Direct Costs of Production Materials Conversion $160,000 189,070 Molding department Finishing department $590,000 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 FIFO Equivalent Units Physical Units Direct Materials Conversion Completion Percentage Input: Beginning WIP Direct materials % Conversion % Units started (lbs) 0 Total to account for Output: Units finished or trans-out (lbs) Ending WIP Direct materials % Conversion % Total accounted for (lbs) 0 Total equivalent units 0 Units Cost Determination Direct Material Conversion Total Beginning WIP Current costs 0 Total $ 0 0 Divide by equivalent units FIFO Cost per EU SS 0.00 Cost Assignment Units in Ending WIP Inventory Units Completed and Transferred Out Total Finished goods Ibs Prior period costs in Beginning WIP Ibs Current period cost to complete Beg WIlP lbs Cost of units started and finished lbs Total C 0 0 Ending WIP lbs Direct materials bs Conversion lbs 0$ Total manufacturing costs accounted for 0 C Required 2 Required 1 Prepare a production cost report for the finishing department. (Round "Cost per EU" answers to 2 decimal places. Negative amounts should be indicate minus sign.) Production Information Finishing Department FIFO Equivalent Units Direct Materials Physical Units Transferred-in Completion Percentage Conversion Costs 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 0 Total equivalent units 0 0 Unit Cost Determination Trans-in Materials Conversion Total Beginning WIP Current costs 0 Total $ C Divide by equivalent units FIFO Cost per EU $ 0.00 Cost Assignment Completed and Trans-Out Ending Work in Process Total Finished goods units Prior period costs in Beginning WIP Current period cost to complete Beg WIP Direct Materials Conversion Equiv units Equiv units Units started and finished