15 Healthy Selections Cereals, Incorporated (HSC) is a large food processing company specializing in whole-grain, high-energy, low- calone, and low-fat cereals that appeal to the health-conscious consumer HSC has a premium Image in the market and most of its customers are loyal and willing to pay a bit extra to get the healthy choice that HSC offers HSC's cereals are made in a series of processes that begin with sorting, cleaning, preparing, and inspecting the direct materials (grains, nuts, and other ingredients). The materials are then mixed and processed for consistency, cooked, given a final inspection, and packaged. All materials are added only at the beginning of the first process. The inspections in the first and final processes are made at the end of those respective processes, so all direct materials and conversion costs are lost for any defective units detected at the inspection point. The company uses weighted average process costing and accounts for all waste as normal spollage. Currently, commodity prices are rising sharply, affecting the costs of many of the ingredients in HSC's products. The CFO, noting the sharp rise in the cost of the company's direct materials, has considered using the FIFO method The following data are for the first process for the current month. All output is measured in pounds. Beginning WIP 17.000 pounds, 25% complete for conversion Ending WIP 12,000 pounds, 40% complete for conversion Nornal sporlage Pounds added this month 34,500 pounds The cost information for the first process is as follows Direct Materials Conversion Beginning WIP 5 3,400 $ 3,455 Current costs 73,500 111,500 185,000 Required: 1. Prepare a production cost report for the first process using the weighted-average method. 2. Prepare a production cost report for the first process using the FIFO method. 1.000 pounds Total * 6,055 Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare a production cost report for the first process using the FIFO method. (Round "Cost per EU" to 4 decimal places. Round your Tinal answers to nearest whole dollar amount. Negative amounts should be indicated by a minus sign.) Healthy Selections Cereals, Inc. (HSC) Production cost Report Production Information FIFO Equiv Units Physical Units Completion Percentage Direct Material Conversion Input: Deginning WIP Direct materials Conversion Units started or Total to account for Output Units finish or trans out Normal spolage Ending WIP Direct materials Conversion Total accounted for Equivalent Unit Coat Determination Direct Materiale Conversion Total Beginning WIP Current Costs Total Divide by equivalent units FIFO Cost per EU 34.500 20.050 Completed and Trans- Ending WIP Total Cont Assignment FIFO Prior period costs in beginning WIR Current costs to complete bog WID Direct materials Conversion Units tarted and finished Norma spolage Total Ending WIP Direct materials Conversion Totalcoscount for units units units