first required is weighted average method

second required is fifo method .

please complete

Healthy Selections Cereals, Inc. (HSC) is a large food processing company specializing in whole-grain, high-energy, low-calorie, 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 Ending WIP Normal spoilage Pounds added this month 2,000 pounds, 25% complete for conversion 4,000 pounds, 40% complete for conversion 1,000 pounds 10,000 pounds The cost information for the first process is as follows: Beginning WIP Current costs Direct Materials $ 31,030 137,160 Conversion $ 160 228,800 Total $ 31,190 365,960 V 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. Production Cost Report Production Information WA Equiv Units Direct Physical Units Completion Percentage Materials Conversion 2,000 % % % 2,000 Input: Beginning WIP Direct materials Conversion Units started or trans-in Total to account for Output: Units finish or trans-out Normal spoilage Ending WIP Direct materials Conversion Total accounted for Equivalent Units 96 % % % 0 0 0 Unit Cost Determination Direct Materials Conversion $ Total 0 0 Beginning WIP Current costs Total Divide by equivalent units WTAVG Cost per EU $ 0 $ 0$ 0 $ 0.0000 Completed and Trans Ending WIP Total CA 0 units units 0 Cost Assignment: Weighted Average Finished goods Plus: Normal Spoilage Ending WIP Direct materials Conversion Total costs accounted for units units units 0 S S $ 0 $ S