749 18-43. TRANSFERRED-IN COSTS, WEIGHTED-AVERAGE METHOD. Spelling Sports produces basketballs in two departments: cutting and stitching. Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the stitching department. After cutting, basketballs are immediately transferred to the stitching department. Direct material is added when the stitching process is 70% complete. Conversion costs are added evenly during stitching operations. After stitching is completed, basketballs are immediately transferred to Finished Goods. Spelling Sports uses the weighted-average method of process costing. The following is a summary of the March 2020 operations of the stitching department: Home Insert Page Layout Formulas Data Review View D 1 2 Beginning work in process, March 1 Physical Units Transferred-In (basketballs) 17,500 Costs Direct Materials Conversion Costs $45,360 $ 0 3 Degree of completion, beginning work in process 100% 0% $17,660 60% 4 Transferred in during March 2020 56,000 5 Completed and transferred out during March 2020 52,000 6 Ending work in process, March 31 21,500 7 Degree of completion, ending work in process 8 Total costs added during March 100% $154,560 0% 20% $28,080 $89,310 Required 1. Summarize total stitching department costs for March 2020 and assign these costs to units completed (and transferred out) and to units in ending work-in-process inventory. 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. 18-44. TRANSFERRED-IN COSTS, FIFO METHOD (CONTINUATION OF 18-43). Refer to the information in Problem 18- 43. Suppose Spelling Sports uses the FIFO method instead of the weighted-average method. Assume that all other information, including the cost of beginning work in process, is unchanged. Required 1. Do Problem 18-43 using the FIFO process-costing method. 2. If you did Problem 18-43, explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the stitching department under the weighted-average method and the FIFO method.