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 24 units, 40% completed, consisting of $170 transferred-in costs, $108 direct materials costs, and $66 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 $1,122; costs of direct materials added were $860; conversion costs incurred were $1,292. Following is the summary data of Reed Companys finishing department:

Work-in-process, November 1, 24 units:
Transferred-in: 100% complete	$	170
Direct materials: 100% complete		108
Conversion: 40% complete		66
Total costs	$	344
Units transferred in from machining department during November		66	units
Units completed during November and transferred out to finished goods inventory		82	units
Work-in-process, November 30
Transferred-in: 100% complete
Direct materials: 100% complete
Conversion: 50% complete
Costs incurred during November
Transferred-in	$	1,122
Direct materials		860
Conversion		1,292
Total current costs	$	3,274

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.

please be as descriptive as possible and show how you get the numbers and placement for them .