This problem is to be completed on paper and turned in before the start of class 6-46 on page 215 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) None 2,000 Cost January 1 Quantity (pounds) Cost None 5,000 $15,000 Work-in-Process Inventory Molding department Finishing department - ? The work-in-process 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 Materials Used $450,000 Conversion $90,000 80,000 The molding department started 50,000 pounds of product in January. The firm uses the FIFO method of process costing. Required 1. Prepare a report for both the molding and finishing departments for the month of January. The report should include equivalent units of production (in pounds), total manufacturing costs, cost per equivalent unit (pounds). cost of ending work-in-process inventory, and cost of goods completed and transferred out. HINT 1: The report for the molding department (the first department) is very quick because there is neither beginning nor ending inventory in this department. HINT 2: There are no materials added in the finishing department (the second department). This means you will have no units or costs for materials. As a result, you will not even need a materials column in your report - you will only need a transferred-in column and a conversion column when calculating equivalent units and costs per unit