Question: 1. Complete Problem 17-41 using the FIFO method of process costing. 2. If you did Problem 17-41, explain any difference between the cost of work

1. Complete Problem 17-41 using the FIFO method of process costing.

2. If you did Problem 17-41, 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. Should McKnight's managers choose the weighted-average method or the FIFO method? Explain briefly.

Data from Problem 17-41.

1. Complete Problem 17-41 using the FIFO method of process

Physical Unit (Frames) 60 510 Direct Materials $1,530 Conversion Costs $ 156 Work in process, April 1 Started during April 2017 Completed during April 2017 Work in process, April 30b Total costs added during April 2017 120 $17,850 $11,544

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1 2 The equivalent units of work done in April 2017 in the Assembly Department for direct materials and conversion costs are shown in Solution Exhibit 1742A Solution Exhibit 1742B summarizes the total... View full answer

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