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Holly Company has the following information for December 1 to December 3 1 . All direct materials are 1 0 0 % complete. Work -
Holly Company has the following information for December to December All direct materials are complete.
WorkinProcess
Beginning balance December units,
complete for conversion $ Completed units and transferred
to finished goods inventory $
Direct materials
Direct labor
Factory overhead
Property taxes
Depreciation
Utilities
Indirect labor
Ending balance December units, complete
Required:
Calculate equivalent units using the weightedaverage and FIFO methods.
Use the given information to determine whether Holly Company is using the FIFO or weightedaverage method. The beginning balance of WorkinProcess WIP consists of $ of direct materials and $ of conversion costs.
multiple choice
Weightedaverage method
FIFO method
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