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:

 

	1/1		1/31
Work-in-process inventory	Quantity (lbs)	Cost	Quantity (lbs)	Cost
Molding department	0	$0	0	$0
Finishing department	5,000	$15,000	2,000	?

 

Estimated stage of completion for WIP inventory:
	beginning WIP inventory	40%
	ending WIP inventory	40%

Cost of production for January are as follows:

 

Department	Materials Used	Conversion
Molding	$450,000	$90,000
Finishing	$0	$80,000

Weight (lbs.) of material used in the molding department = 50,000lbs

The company uses the FIFO method of process costing..

Required

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 transferredout.