Transferred-in costs, FIFO costing (continuation of 17-39). Refer to the information in Problem 17-39. Suppose that Publish Inc. uses the FIFO method instead of the weighted- average method in all of its departments. The only changes to Problem 17-39 under the FIFO method are that total transferred-in costs of beginning work in process on April 1 are $27,855 (instead of $32,775) and that total transferred-in costs added during April are $141,750 (instead of $144,000).
REQUIRED
1. Using the FIFO process-costing method, do Problem 17-39.
2. If you did Problem 17-39, explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the Binding department under the weighted-average method and the FIFO method.