Please show work and write answer directly on chegg

2,6-5,6-6) 6-46 FIFO Method: Two Departments 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 plasic 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 1 January 31 Cost Work-in-Process InventoryQuantity (pounds) Molding department Finishing department CostQuantity (pounds) None 5,000 None 2,000 $15,000 The work-in-process inventory in the finishing department is estimated to be 40mplete for u version both at the beginning and end of January. Costs of production for January foll 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 method of process costing. Chapter 6 Process Costing 205 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 transferred out