Q Med start through the way the Th 4 - 1 2 3 4 5 ded.com Directed when they codily they don's McKthe whof for the A1014 My 51 We Art tror 2018 Congo Winx Total costuring A2014 120 De of complete directe, 1000 Dream aapkala aalarai 10 Regard 1. Sume the departe cose Ant 2016 completed and we widow Queste FIFO method continuation of 5 Red 1. Complete the IFO meded of procesos 2. If you did explain wy different the cost work du cotofending work process in the departe method and the FIFO hod. Should Me mited or the FIFO plinity Question 5 Weighted average method. McKnight Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments the assembly department and the finishing department. This problem focuses on the assembly department. The process costing system at McKnight bas a single direct-cost category (direct materials) and a single indirect cost category (conversion costa) Direct materials are added when the assembly department process is 10% complete Conversion costs are added evenly during the assembly department's process McKnight uses the weighted average method of process costing. Consider the following data for the assembly department in April 2014 Physical Unit Direct Conversion (Frames) Materials Costs Work in process, April 1" 60 $ 1,530 $ 156 Started during April 2014 510 Completed during April 2014 450 Work in process, April 300 120 Total costs added during April 2014 $17.850 $11,544 -Degree of completion: direct materials, 100%; conversion costs, 40% Degree of completion direct materials, 100% conversion costs, 15%. Required: 1. Summarize the total assembly department costs for April 2014, and assign them to units completed (and transferred out) and to units in ending work in process 2. What issues should a manager focus on when reviewing the equivalent units calculation? Question 6 FIFO method (continuation of Q5). Required: 1. Complete Q5 using the FIFO method of process costing. 2. If you did QS, 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. Should McKnight's managers choose the weighted average method or the FIFO method? Explain briefly