Requirement 1. Summarize total assembly department costs for April 2020 , and assign them to units completed (and transferred out) and to units in ending work in process inventory. Begin by calculating the physical units and equivalent units. (For amounts with a 0 balance, make sure to enter "0" in the appropriate cell.) the weighted-average method or the FIFO method? Explain briefly. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process inventory in the assembly department under the weighted-average method and the FIFO method. The FIFO ending work in process inventory is than the weighted-average 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 proces consists of only the The weighted-average method process. Hence, in this case, the weighted-average method results in a by assuming that cost of units completed and transferred out and a are completed and transferred out, while ending work-in-process inventory relative to FIFO. in beginning work in process are placed in ending work in in beginning work in process are placed in ending work in Should McKnight's managers choose the weighted-average method or the FIFO method? Explain briefly. Begin by completing the table below that summarizes the costs assigned to units completed and those still in process under the weighted-average and FIFO process-costing methods. Given the relatively small difference in the income numbers generated by the two methods, McKnight's managers would likely If the differences are expected to be larger in future years, the managers should choose the method wil advantage of the FIFO method worth considering is that it provides better information for managing the business because it keeps Data table Reference Requirements 1. Summarize total assembly department costs for April 2020 , and assign them to units completed (and transferred out) and to units in ending work in process inventory. 2. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process inventory 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. Requirement 1. Summarize total assembly department costs for April 2020 , and assign them to units completed (and transferred out) and to units in ending work in process inventory. Begin by calculating the physical units and equivalent units. (For amounts with a 0 balance, make sure to enter "0" in the appropriate cell.) the weighted-average method or the FIFO method? Explain briefly. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process inventory in the assembly department under the weighted-average method and the FIFO method. The FIFO ending work in process inventory is than the weighted-average 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 proces consists of only the The weighted-average method process. Hence, in this case, the weighted-average method results in a by assuming that cost of units completed and transferred out and a are completed and transferred out, while ending work-in-process inventory relative to FIFO. in beginning work in process are placed in ending work in in beginning work in process are placed in ending work in Should McKnight's managers choose the weighted-average method or the FIFO method? Explain briefly. Begin by completing the table below that summarizes the costs assigned to units completed and those still in process under the weighted-average and FIFO process-costing methods. Given the relatively small difference in the income numbers generated by the two methods, McKnight's managers would likely If the differences are expected to be larger in future years, the managers should choose the method wil advantage of the FIFO method worth considering is that it provides better information for managing the business because it keeps Data table Reference Requirements 1. Summarize total assembly department costs for April 2020 , and assign them to units completed (and transferred out) and to units in ending work in process inventory. 2. Explain any difference between the cost of work completed and transferred out and the cost of ending work in process inventory 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