Question: Do Problem 17-36 using the FIFO
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. Data from Problem 17-36: Porter Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: assembly and finishing. 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 2015: 
Required: Summarize the total assembly department costs for April 2015, and assign total costs to units completed (and transferred out) and to units in ending work in process.
Transcribed Image Text:
Physical Units (frames) Direct Conversion Materials Costs Work in process, April 1* 75 $ 1,775 $ 135 Started during April 2015 550 Completed during April 2015 500 Work in process, April 30* 125 Costs added during April 2015 $17,600 $10,890 *Degree of completion: direct materials, 100%; conversion costs, 40%. *Degree of completion: direct materials, 100%; conversion costs, 20%.
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