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 spoilage. 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 5,000 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 $ 72,910 141,570 Conversion $ 30,220 248,900 Total $ 103,130 390, 470 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. 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 weighted average method. (Round "Cost per EU" to 4 decimal places. Round your final answers to nearest whole dollar amount.) Healthy Selections Cereals, Inc. (HSC) Production Cost Report Production Information WA Equiv Units Direct Physical Units Completion Percentage Conversion Materials Input: Beginning WIP Direct materials % % % Conversion Units started or trans-in Total to account for Output: Units finish or trans-out 0 % Normal spoilage % Ending WIP Direct materials % % Conversion Total accounted for Equivalent Units 0 0 Unit Cost Determination Direct Materials Conversion Total Beginning WIP $ 0 Current costs 0 Total 0 $ 0 0 Divide by equivalent units WTAVG Cost per EU $ 0.0000 Cost Assignment: Weighted Average Completed and Trans- Ending WIP Total units $ 0 Finished goods Plus: Normal Spoilage Ending WIP units $ 0 units Direct materials units $ O Conversion units $ 0 Total costs accounted for 0 $ 0 $ 0 Prepare a production cost report for the first process using the FIFO method. (Round "Cost per EU" to 4 decimal places. Round your final 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 Direct Materials Conversion Physical Units Completion Percentage Input: Beginning WIP Direct materials % % % 0 % 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 % % % 0 0 0 Unit Cost Determination Direct Materials Conversion Total Beginning WIP $ 0 Current Costs 0 Total 0 $ 0 $ 0 Divide by equivalent units FIFO Cost per EU 0.0000 Cost Assignment: FIFO Completed and Trans- Ending WIP Total Prior period costs in beginning WIP Current costs to complete beg WIP Direct materials Conversion units Units started and finished units Normal spoilage units Total 0 Ending WIP units Direct materials 0 Conversion Total costs accounted for 0 $ 0 $ 0