Holly Company has the following information for December 1 to December 31 . All direct materials are

100%

complete.\ \\\\table[[Beginning balance December 350 units,,Work-in-Process],[

20%

complete for conversion,

$43,750,

Completed 950 units and transferred],[Direct materials,94,500],[Direct labor,59,500],[Factory overhead,],[Property taxes,9,000],[Depreciation,39,500],[Utilities,21,000],[Indirect labor,7,000],[Ending balance December 31,450 units,

40%

,],[complete,63,594]]\ Required:\ Calculate equivalent units using the weighted-average and FIFO methods.\ \\\\table[[,Equivalent Units],[Direct materials,Weighted-Average,FIFO],[Conversion,,]]\ 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

$34,647

of direct materials and

$9,103

of conversion costs.

Holly Company has the following information for December 1 to December 31 . All direct materials are 100% complete. Required: 1. Calculate equivalent units using the weighted-average and FIFO methods. 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 $34,647 of direct materials and $9,103 of conversion costs. Holly Company has the following information for December 1 to December 31 . All direct materials are 100% complete. Required: 1. Calculate equivalent units using the weighted-average and FIFO methods. 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 $34,647 of direct materials and $9,103 of conversion costs