Continuation of 17 36 Porter Handcraft is a manufacturer of picture
(Continuation of 17-36). Porter Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the Assembly department and the Finishing department. This problem focuses on the Assembly department. The process- costing system at Porter has a single direct cost category (direct materials) and a single indirect cost category (conversion costs). Direct materials are added when the Assembly department process is 10% complete. Conversion costs are added evenly during the Assembly department’s process. Porter uses the weighted-average method of process costing. Consider the following data for the Assembly department in April 2012:
REQUIRED
Do Problem 17-36 using the FIFO method of process costing. If you did Problem 17-36, explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the Assembly department under the weighted-average method and the FIFO method.
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