WEIGHTED AVERAGE AND FIFO Hogan Company manufactures drums of commercial cleaning solvents. Ingredients are added at the beginning of both departments The following information relates to Hogan Company: CHAPTER 7: PROCESS COST II: EXPANDED CONCEPTS 335 DEPARTMENTS 1 2 7,500 15,000 50,000 55,000 3,000 60,000 2,500 13,000 Units: Beginning in process: Direct materials 100% complete: conversion costs 35% complete Direct materials 100% complete; conversion costs 40% 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 50% complete Direct materials 100% complete; conversion costs 60% 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 0 $ 35,000 $ 20,000 10,000 40,000 60,000 10,000 15,000 $ 70,000 $120,000 $ 80,000 180,000 40,000 $300,000 $ 30,000 200,000 45,000 $275,000 Required: Prepare a cost of production report for both departments under the: 1 Weighted average method 2 Fifo method