Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Work-in-Process Completed 960 units and transferred $ 45,000 to finished goods inventory 97,200 61,200 $ 214,995 Beginning balance December 360 units, 20% complete for conversion Direct materials Direct labor Factory overhead Property taxes Depreciation Utilities Indirect labor Ending balance December 31, 460 units, 40% complete 9,200 40,000 21,200 7,200 66,005 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 $34,080 of direct materials and $10,920 of conversion costs. O FIFO method Weighted-average method