Stuck on weighted average and difference

Porter 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 Porter has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. Porter uses the FIFO method of process costing. Consider the following data for the assembly department in April 2020: E: (Click the icon to view the data.) (Click the icon to view the total costs assigned under the weighted average method.) Read the requirements. 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 "O" in the appropriate cell.) Equivalent Units Direct Conversion Physical Units (tons) Materials Costs Work in process, beginning 80 495 Transferred-in during current period 575 To account for Completed and transferred out during current period: From beginning work in process Started and completed 0 48 80 363 363 363 132 132 33 Work in process, ending 575 Accounted for 495 444 444 Equivalent units of work done in current period Porter 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 Porter has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. Porter uses the FIFO method of process costing. Consider the following data for the assembly department in April 2020: E: (Click the icon to view the data.) (Click the icon to view the total costs assigned under the weighted-average method.) Read the requirements. C. Now summarize total costs to account for. Total Direct Conversion Production Costs Costs Materials 1,730 $ Work in process, beginning 1,862 $ 132 Costs added in current period 26,256 17,820 8,436 Total costs to account for 28,118 $ 8,568 19,550 $ Next calculate cost per equivalent unit for direct materials and conversion costs. Direct Conversion Costs Materials $ 17,820 $ Costs added in current period 8,436 495 Divide by Equivalent units of work done in current period 444 36 $ 19 Cost per equivalent unit Assign total costs to units completed (and transferred out) and to units in ending work in process inventory. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for. (For amounts with a 0 balance, make sure to enter "0" in the appropriate cell.) Porter 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 Porter has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. Porter uses the FIFO method of process costing. Consider the following data for the assembly department in April 2020: E: (Click the icon to view the data.) (Click the icon to view the total costs assigned under the weighted average method.) Read the requirements. Total Direct Conversion Production Costs Materials Costs $ 1,862 $ 1,730 $ 132 912 0 912 Completed and transferred out: Work in process, beginning Costs added to beginning WIP in current period Total from beginning inventory Started and completed Total costs of units completed and transferred out Work in process, ending 2,774 19,965 13,068 6,897 22,739 5,379 4,752 627 28,118 $ 19,550 8,568 Total costs accounted for Requirement 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 Porter's managers choose 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. in work in process are the first to be completed The FIFO ending work in process inventory is higher than the weighted average ending inventory. This is because FIFO assumes that all the lower-cost prior-period units and transferred out while ending work in process consists of only the higher-cost current-period units. Porter 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 Porter has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. Porter uses the FIFO method of process costing. Consider the following data for the assembly department in April 2020: E: (Click the icon to view the data.) (Click the icon to view the total costs assigned under the weighted average method.) Read the requirements. Total costs accounted for Requirement 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 Porter's managers choose 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. in work in process are the first to be completed The FIFO ending work in process inventory is higher than the weighted average ending inventory. This is because FIFO assumes that all the lower-cost prior-period units and transferred out while ending work in process consists of only the higher-cost current-period units. The weighted average method smoothes out cost per equivalent unit by assuming that more of the higher-cost units are completed and transferred out, while some of the lower-cost units in beginning work in process are placed in ending work in process. Hence, in this case, the weighted-average method results in a higher cost of units completed and transferred out and a lower ending work-in-process inventory relative to FIFO Should Porter'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. Weighted average FIFO Difference 22739 Cost of units completed and transferred out Work in process, ending 5379 28118 28118 Total costs accounted for