The Reds did most of the hard work during a fantastic first-half display at Kirkby that saw Yan Dhanda score one, set up both Tom Brewitt and Toni Gomes, and play a significant role in the latter's second strike.
And the 18-year-old rounded off a man-of-the-match performance in the second period, as he confidently slotted home the hosts' fifth.
Matty Virtue later produced a clever finish to seal a comfortable victory, which sets up a meeting with either Fleetwood Town or Blackburn Rovers in the final.
U23s boss Mike Garrity opted to field an entirely different starting XI to that which beat Manchester City 3-2 in a thrilling game on Monday.