Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Beginning balance December 370 units, 20% complete for conversion Direct materials Work-in-Process $ 46,250 99,900 Completed 970 units and transferred to finished goods inventory Direct labor Factory overhead Property taxes 62,900 9,400 Depreciation 40,500 Utilities 21,400 Indirect labor 7,400 Ending balance December 31, 470 units, 40% complete 68,439 Required: 1. Calculate equivalent units using the weighted-average and FIFO methods. Equivalent Units Weighted Average FIFO Direct materials Conversion $ 219,311 2. Use the given information to determine whether Holly Company is using the FIFO or weighted-average method. The beginning balance of Work-in-Process (WIP) consists of $36,530 of direct materials and $9,720 of conversion costs O FIFO method O Weighted-average method