Calumet Enterprises manufactures Sniffstop cold medicine using a process costing system. The processing department has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added at the beginning of the process. In May there were 6,000 gallons of the product in the beginning inventories that were 60% complete as to conversion. Calumet started 18,200 gallons into production and had 7,000 gallons in ending inventory in May (the ending inventory was 40% complete as to conversion). The following cost data were available for May:
Beginning inventory:
Direct materials, $45,696
Conversion costs, $30,912
Costs added this period:
Direct materials, $81,354
Conversion costs, $97,088
REQUIRED: (round to nearest penny)
1. Prepare a cost of production report using the weighted average method to assign costs to ending work-in-process and costs transferred out.
2. Prepare a cost of production report using the weighted FIFO method to assign costs to ending work-in-process and costs transferred out.