40. (Weighted average & FIFO) In a single-process production system, the Cleopatra Corporation produces press-on fingernails. For October 2000, the company’s accounting records reflected the following:

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

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

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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 6,000 units 45,000 units Ending Work in Process Inventory (100% complete as to material; 40% complete as to direct labor; 70% complete as to overhead) Cost Component Beginning Inventory Material $4,980 Direct labor 450 10,000 units October $45,000 21,600 Overhead 3,180 33,300