Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Work-in-Process Completed 848 units and transferred $ 30,000 to finished goods Inventory 64,800 40,880 $ 161,145 Beginning balance December 240 units, 20complete for conversion Direct materials Direct Labor Factory overhead Property taxes Depreciation Utilities Indirect labor Ending balance December 31, 340 units, ex complete 6,00 34,000 18.800 4,800 38,855 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 Work in Process (WIP) consists of $17.861 of direct materials and $12.139 of conversion costs OFIFO method Weighted average method