What are the calculations for how attack power affects weapon damage?

According to the wiki, wearing a Tier 6 Ferozium set should increase the damage of your attacks by 360%. However, I was doing some calculations for personal reasons and if this is the case, how is the Ferozium Wand supposedly dealing 1932 damage if every projectile hits if this is the case? According to the wiki, the Ferozium wand should deal 60 damage per projectile, if every projectile were to hit and you were wearing a full set of Tier 6 Ferozium armour, (7 x 60) + 360% = 1932. If you were to dual-wield the wands you would deal twice as much damage (3864) . The reason why I especially know that this number seems too high is because the Ruin only has 5000 hp and it mentions nothing about resistances on the Starbounder wiki too. Is it meant to deal this incredible damage, because if so, how has it not already blown the damage from other weapons like melee weapons out of the park? I am unable to play Starbound at the moment to check it out and try and reverse engineer the calculations, so I was hoping that someone knew the calculations of how Attack power from armour affects wand and staff damage themselves...
(Yes, I have also posted this question on the Starbound subreddit)

I would understand if it meant that the entire barrage deals 60 damage (8.57 damage per ball), but not 60 per ball

 

@Pangaea Firstly, thank you. Secondly, the reason that it states tier-adjusted base power is because every weapon type has a base power for damage they deal, but because the Ferozium Wand has no lower tier versions, it is only Tier 5. For every tier an item is above Tier 1, the power increases by 50% of the power it had in Tier 1. Therefore, the 60 damage is already adjusted for it being Tier 5 because there would be no point in stating its Tier 1 base power. At the moment, I am assuming that the wiki is mistaken, but I'm not confident until I test it in game, which I can't do at the moment, to confirm my suspicions.

 

iirc wands are intended to be a high-dps class of weapons, although this stems more from how they're related to ferozium (which focuses on buffing damage), so if ferozium wands have insane dps when dual wielded, I'd say that checks out