Question - Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete.
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Work-in-Process
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Beginning balance December 680 units, 20% complete for conversion
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$55,760
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Completed 2,380 units and transferred to finished goods inventory
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$592,620
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Direct materials
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266,560
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Direct labor
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142,800
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Factory overhead
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Property taxes
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10,200
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Depreciation
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41,500
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Utilities
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19,400
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Indirect labor
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5,050
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Ending balance, December 31, 780units, 40% complete
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$66,300
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Required: Calculate equivalent units using the weighted-average and FIFO methods.