(Weighted average & FIFO) In a single-process production system, Nile Queen Corporation produces press-on fingernails. For October 2006, the company’s accounting records reflected the following:

a. For October, prepare a cost of production report, assuming that the company uses the weighted average method.

b. For October, prepare a cost of production report, assuming that the company uses the FIFO method.LO1.

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Beginning Work in Process Inventory (100% complete as to material; 30% complete as to direct labor; 60% complete as to overhead) Units started during the month Ending Work in Process Inventory (100% complete as to material; 40% complete as to direct labor; 80% complete as to overhead) Beginning Inventory Cost Component Material Direct labor Overhead $6,510 954 2,318 October $45,000 22,896 35,412 6,000 units 45,000 units 10,000 units