Reed Company has two departments, a machining department and a finishing department. The following information relates to the finishing department: Work-in-Process, November 1, was 38 units, 40% completed, consisting of $240 transferred-in costs, $136 direct materials costs, and $80 conversion costs. Production completed for November totaled 82 units; Work-in-Process, November 30, is 8 units, 50% completed. All finishing department direct materials are introduced at the start of the process; conversion costs are incurred uniformly throughout the process. Transferred-in costs from the machining department during November were $1,612; costs of direct materials added were $1,000; conversion costs incurred were $1,704. Following is the summary data of Reed Company's finishing department: Work-in-process, November 1, 38 units: Transferred-in: 100% complete Direct materials: 100% complete Conversion: 40% complete Total costs Units transferred in from machining department during November Units completed during November and transferred out to finished goods inventory Work-in-process, November 30 Transferred-in: 100% complete Direct materials: 100% complete Conversion: 50% complete Costs incurred during November Transferred-in Direct materials Conversion Total current costs Required: 1. Prepare a production cost report for November using the weighted-average method. 2. Prepare a production cost report for November using the FIFO method. $ 240 136 80 $ 456 52 units 82 units $ 1,612 1,000 1,704 $ 4,316 Required 1 Required 2 Prepare a production cost report for November using the weighted-average method. (Round "Cost per unit" to 2 decimal places and other answers to the nearest whole dollar amount.) Input REED COMPANY Finishing Department Weighted-Average Production Cost Report Production Quantity Information Work-in-process, November 1 Started this month Total units to account for Output Completed Work-in-process, November 30 Total accounted for Total work done to date Step 3: Determine Total Costs to Account for Work-in-process, November 1 Current costs Total costs to account for Step 4: Compute Unit Costs Cost per unit Step 5: Assign Total Manufacturing Costs Units completed and transferred out Ending work-in-process Transferred-in Materials Conversion Total costs accounted for Step 1: Analyze Flow of Physical Step 2: Calculate Equivalent Units Units Physical Units Transferred in Direct Materials Conversion Costs 0 0 0 0 Unit Cost Determination Transferred-in Direct Materials Conversion Total $ 0 0 $ 0 $ 0 $ 0 $ 0 Cost Assignment Completed and Ending Work- Transferred Out in-Process Total 0 $ 0 Prepare a production cost report for November using the FIFO method. (Negative amounts should be indicated by a minus sign. Round "Cost per unit" to 2 decimal places and other answers to the nearest whole dollar amount.) REED COMPANY Finishing Department FIFO Production Cost Report Production Quantity Information Input Work-in-process, November 1 Started this month Total units to account for Output Completed Work-in-process, November 30 Total accounted for Total work done to date Work-in-process, November 1 Total work done this month - FIFO equivalent units Step 3: Determine Total Costs to Account for Work-in-process, November 1 Current cost Total costs to account for Step 4: Compute Unit Costs Cost per unit Step 5: Assign Total Manufacturing Costs Units completed and transferred out Beginning work-in-process Current cost to complete Total from beginning work-in-process Units started and finished Total cost completed and transferred out Ending work-in-process Transferred-in Materials Conversion Total costs accounted for Step 1: Analyze Flow of Physical Units Step 2: Calculate Equivalent Units Physical Transferred Units in Direct Materials Conversion Costs Unit Cost Determination Transferred in Direct Materials Conversion Costs Total Cost Assignment Completed and Transferred Out Ending Work-in- Process Total