Reference no: EM132856267

Question - 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 12 units, 40% completed, consisting of $110 transferred-in costs, $84 direct materials costs, and $54 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 $858; costs of direct materials added were $740; conversion costs incurred were $891. Following is the summary data of Reed Company's finishing department:

Work-in-process, November 1, 12 units: Transferred-in: 100% complete $110

Direct materials: 100% complete 84 Conversion: 40% complete 54

Total costs $248 Units transferred in from machining department during November 78 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 $858

Direct materials 740 Conversion 891 Total current costs $2,489

Required -

1. Create a production cost report for November using the weighted-average method.

2. Create a production cost report for November using the FIFO method.