Question 1: The following information relates to Grimsley Company: Ey A DEPARTMENTS 10,000 5,000 40,000 44,000 4,000 45,000 6,000 Units: Beginning units in process: Direct materials 100% complete; conversion costs 30% complete Direct materials 100% complete; conversion costs 60% complete Started in process during the period Units received from Department 1 Units added to production Transferred to finished goods inventory Ending units in process: Direct materials 100% complete; conversion costs 65% complete Direct materials 100% complete; conversion costs 40% complete Costs: Beginning work-in-process inventory: From preceding department Direct materials Direct labor Factory overhead Total Added during the period: Direct materials Direct labor Factory overhead (applied) Total 8,000 0 $ 15,000 18.000 7,000 $ 40,000 $ 40,000 30,000 25,000 12,000 $107,000 $ 80,000 110,000 50,000 $240,000 $ 50,000 70,000 40,000 $160,000 Additional Information: All direct materials are added at the beginning of each depart- ment; conversion costs are incurred evenly throughout the process. Required: Prepare a cost of production report and journal entries for both departments under the: 1 Weighted average method 2 Fifo method