FIFO method (continuation of XXXXXXXXXXDo Problem 17-35 using the FIFO method of process costing. If...

Question

FIFO method (continuation of XXXXXXXXXXDo Problem 17-35 using the FIFO method of process costing. If you did Problem 17-35, 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 FIF0 method.

David · Accepted Answer

FIFO Method 
 
Weighted Average Method
Cost of work completed and 
transferred out This method assumes that opening WIP This method does not treat opening WIP  
 
is processed first before processing 
 
and inputs of the current period.

FIFO method (continuation of XXXXXXXXXXDo Problem 17-35 using the FIFO method of process costing. If you did Problem 17-35, explain any difference between the cost of work completed and transferred...

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