The Pass Company uses a process costing system. All materials are added at the start of the production process and conversion costs are added evenly throughout the process. The following production information is available for the month of January, 20XX: Production Costs: Work in process, beginning of the month: Materials $ 17,300 Conversion costs 47,950 Current month costs: Materials 49,300 Conversion costs 178,350 Total $ 292,900 Production Report - Physical Units: In process, beginning of the month (80% complete for conversion) 8,000 units Started 29,000 units Completed and transferred out 22,000 units In process, end of the month (60% complete for conversion) 15,000 units
Required:
1. Prepare a cost of production summary for the month using the weighted average method.
2. Prepare a cost of production summary for the month using the FIFO method.