More info 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. After cutting, basketballs are immediately transferred to the stitching department. Direct material is added when the stitching process is 85% complete. Conversion costs are added evenly during stitching operations. After stitching is completed, basketballs are immediately transferred to Finished Goods. Supreme Sports uses the FIFO method of process costing. Data table 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. 3. 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. Requirement 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. Begin by completing the following table to summarize the physical and equivalent units. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Requirement 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirement 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the transfer from the cutting department to the stitching department. Now record the transfer from the stitching department to Finished Goods. Requirement 3. 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. The FIFO work in process ending inventory is than the weighted-average work in process ending inventory. This is because FIFO assumes that all the in work in process are the first to be completed and transferred out while ending work in process consists of only the The weighted-average method by assuming that are completed and transferred out, while in beginning work in process are placed in ending work in process. Hence, in this case, the weighted-average method results in a cost of units completed and transferred out and a ending work-in-process inventory relative to FIFO. More info 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. After cutting, basketballs are immediately transferred to the stitching department. Direct material is added when the stitching process is 85% complete. Conversion costs are added evenly during stitching operations. After stitching is completed, basketballs are immediately transferred to Finished Goods. Supreme Sports uses the FIFO method of process costing. Data table 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. 3. 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. Requirement 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. Begin by completing the following table to summarize the physical and equivalent units. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Requirement 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirement 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the transfer from the cutting department to the stitching department. Now record the transfer from the stitching department to Finished Goods. Requirement 3. 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. The FIFO work in process ending inventory is than the weighted-average work in process ending inventory. This is because FIFO assumes that all the in work in process are the first to be completed and transferred out while ending work in process consists of only the The weighted-average method by assuming that are completed and transferred out, while in beginning work in process are placed in ending work in process. Hence, in this case, the weighted-average method results in a cost of units completed and transferred out and a ending work-in-process inventory relative to FIFO