‘Transferred-in costs, FIFO costing (continuation of 17-43). Refer to the information in Problem 17-43. Suppose that Publish Inc. uses the FIFO method instead of the weighted- |J ia)c ost of work in process, average method in all of its departments. The only changes to Problem 17-43 under the — 439789 FIFO method are that total transferred-in costs of beginning work in process on April | 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 17-43.

2. If you did Problem 17-43, 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.

LO1