(Weighted average & FIFO) In a single-process production system, the Gayden Corporation produces fingernails. For August 1997, the company’s accounting records reflected the following:

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

b. For August, prepare a cost of production report assuming 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) 6,000 units Units started during the month 45,000 units Ending Work in Process Inventory (100% complete as to material; 40% complete as to direct labor; 70% complete as to overhead 10,000 units