Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Work-in-process Completed 800 units and transferred $25,000 to finished goods inventory 54,000 34,000 $131, 182 Beginning balance December 200 units, 20% complete for conversion Direct materials Direct labor Factory overhead Property taxes Depreciation Utilities Indirect labor Ending balance December 31, 300 units, 40% complete 6,000 32,000 18,000 4,000 30,818 Required: 1. Calculate equivalent units using the weighted-average and FIFO methods. Equivalent Units Weighted-Average FIFO Direct materials Conversion 2. Use the given information to determine whether Holly Company is using the FIFO or weighted-average method. The beginning balance of WIP consists of $11,000 of direct materials and $14,000 of conversion costs. Weighted-average method FIFO method