Self-Study Problem 6-2 Weighted-Average Method versus FIFO Method with Transferred-in Cost 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 22 units, 40% completed, consisting of $160 transferred-in costs, $104 direct materials costs, and $64 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 $1,088; costs of direct materials added were $840; conversion costs incurred were $1,232. Following is the summary data of Reed Company's finishing department: Work-in-process, November 1, 22 units: Transferred-in: 100% complete Direct materials: 100% complete Conversion: 40% complete Total costs $160 104 64 $328 Units transferred in from machining department during November Units completed during November and transferred out to finished goods inventory Work-in-process, November 30 68 units 82 units Transferred-in: 100% complete Direct materials: 100% complete conversion: 50% complete Costs incurred during November Transferred-in Direct materials Conversion Total current costs $1,088 840 1,232 $3,160 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. Complete this question by entering your answers in the tabs below. Requird Required 2 and other answers to the nearest whole dollar amount.) REED COMPANY Finishing Department Weighted-Average Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Step 2: Calculate Equivalent Units Units Direct Materials Conversion Costs Physical Units Transferred in Input Work-in-process, November 1 Started this month Total units to account for Output Completed Work-in-process Total accounted for , November 30 Total work done to date Unit Cost Determination Step 3: Determine Total Costs to Account for Work-in-process, November 1 Current costs Transferred-in Direct Materials Conversion Total 328 3,160 3,488 Total costs to account for Step 4: Compute Unit Costs Cost per unit Cost Assignment Completed and Ending Work- Transferred Out in-Process Total Step 5: Assign Total Manufacturing Costs Units completed and transferred out Ending work-in-process Transferred-in Materials Conversion Total costs accounted for REED COMPANY Finishing Department FIFO Production Cost Report Production Quantity Information Step 1: Analyze Flow of Physical Units Step 2: Calculate Equivalent Units Physical Units Transferred in Direct Materials Conversion Costs 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 68 Unit Cost Determination Transferred in Direct Materials 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 Conversion Costs Total