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Requirement 1. Summarize total assembly department costs for April 2020 , and assign them to units completed (and transferred out) and to units in ending work in process inventory. Begin by calculating the physical units and equivalent units. (For amounts with a 0 balance, make sure to enter "0" in the appropriate cell.) Next calculate cost per equivalent unit for direct materials and conversion costs. McKnight uses the FIFO method of process costing. Consider the following data for the assembly department in April 2020 : Data table \begin{tabular}{lccc} \hline & PhysicalUnits(Frames) & DirectMaterials & ConversionCosts \\ \hline Beginning work in process, (April 1) & 95 & $1,665 & $988 \\ Started during April 2020 & 490 & & \\ Completed during April 2020 & 455 & & \\ Ending work in process, (April 30) & 130 & & \\ Total costs added during April 2020 & & $17,640 & $11,856 \\ \hline \end{tabular} a Degree of completion: direct materials, 100%; conversion costs, 40%. b Degree of completion: direct materials, 100%; conversion costs, 30%. Requirements 1. Summarize total assembly department costs for April 2020 , and assign them to units completed (and transferred out) and to units in ending work in process inventory. 2. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process inventory in the assembly department under the weighted-average method and the FIFO method. Should McKnight's managers choose the weighted-average method or the FIFO method? Explain briefly. Print Done Print Done Reference the weighted-average method or the FIFO method? Explain briefly. The FIFO ending work in process inventory is consists of only the The weighted-average methor process. Hence, in this case, the weighted-average method results in a than the weighted-average ending inventory. This is because FIFO assumes that all the by assuming that cost of units completed and transferred out and a are completed and transferred out, while ending work-in-process inventory relative to FIFO. in beginning work in process are placed in ending work in Should McKnight's managers choose the weighted-average method or the FIFO method? Explain briefly. Begin by completing the table below that summarizes the costs assigned to units completed and those still in process under the weighted-average and FIFO process-costing methods. Given the relatively small difference in the income numbers generated by the two methods, McKnight's managers would likely advantage of the FIFO method worth considering is that it provides better information for managing the business because it keeps If the differences are expected to be larger in future years, the managers should choose the method that income. One Requirement 1. Summarize total assembly department costs for April 2020 , and assign them to units completed (and transferred out) and to units in ending work in process inventory. Begin by calculating the physical units and equivalent units. (For amounts with a 0 balance, make sure to enter "0" in the appropriate cell.) Next calculate cost per equivalent unit for direct materials and conversion costs. McKnight uses the FIFO method of process costing. Consider the following data for the assembly department in April 2020 : Data table \begin{tabular}{lccc} \hline & PhysicalUnits(Frames) & DirectMaterials & ConversionCosts \\ \hline Beginning work in process, (April 1) & 95 & $1,665 & $988 \\ Started during April 2020 & 490 & & \\ Completed during April 2020 & 455 & & \\ Ending work in process, (April 30) & 130 & & \\ Total costs added during April 2020 & & $17,640 & $11,856 \\ \hline \end{tabular} a Degree of completion: direct materials, 100%; conversion costs, 40%. b Degree of completion: direct materials, 100%; conversion costs, 30%. Requirements 1. Summarize total assembly department costs for April 2020 , and assign them to units completed (and transferred out) and to units in ending work in process inventory. 2. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process inventory in the assembly department under the weighted-average method and the FIFO method. Should McKnight's managers choose the weighted-average method or the FIFO method? Explain briefly. Print Done Print Done Reference the weighted-average method or the FIFO method? Explain briefly. The FIFO ending work in process inventory is consists of only the The weighted-average methor process. Hence, in this case, the weighted-average method results in a than the weighted-average ending inventory. This is because FIFO assumes that all the by assuming that cost of units completed and transferred out and a are completed and transferred out, while ending work-in-process inventory relative to FIFO. in beginning work in process are placed in ending work in Should McKnight's managers choose the weighted-average method or the FIFO method? Explain briefly. Begin by completing the table below that summarizes the costs assigned to units completed and those still in process under the weighted-average and FIFO process-costing methods. Given the relatively small difference in the income numbers generated by the two methods, McKnight's managers would likely advantage of the FIFO method worth considering is that it provides better information for managing the business because it keeps If the differences are expected to be larger in future years, the managers should choose the method that income. One

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