Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Work-in-Process Beginning balance December 400 units, 20% complete for conversion $ 50,000 Completed 1,000 units and transferred to finished goods inventory $ 232,123 Direct materials 108,000 Direct labor 68,000 Factory overhead Property taxes 10,000 Depreciation 42,000 Utilities 22,000 Indirect labor 8,000 Ending balance December 31, 500 units, 40% complete 75,877 Required: 1. Calculate equivalent units using the weighted-average and FIFO methods