Sutherland Sports, which produces basketballs, has 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. The following is a summary of the March 2017 operations of the stitching department. E (Click the icon to view the information.) (Click the icon to view the total costs assigned under the weighted-average method.) (Click the icon to view Sutherland Sports' process costing information.) Read the requirements. Requirement Summarize total stitching department costs for March 2017, and assign these costs to units completed (and transferred out) and to units in ending work in process. completing the following table to summarize the physical and equivalent units. (For amounts with a zero balance, make sure to eenter "0 in the appropriate cell.) Begin Equivalent Units Physical Transferred-lIn Direct Conversion Materials Units Costs Costs Work in process, beginning 50,000 70,000 Transferred-in during current period To account for Completed and transferred out during current period: From beginning wark in process 50,000 Started and completed 20,000 Work in process, ending Accounted for Equlvalent units of work done in current period Next summarize the total costs to account for. (For amounts with a zero balance, make sure to enter "O" in the appropriate cell.) Total Transferred-In Direct Conversion Production Costs Materials Costs Costs Total costs to account for Calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. (Round your answers to the nearest cent.) Transferred-In Direct Conversion Costs Materials Costs Divide by Cost per equivalent unit 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. Journal Entry Debit Credit Date Accounts Now record the transfer from the stitching department to Finished Goods. Journal Entry Debit Credit Date Accounts 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 in beginning work in process are The weighted-average method by assuming that are completed and transferred out, while ending work-in-process inventory relative to FIFO 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 Data Table Transferred-In Conversion Physical Units Direct Materials Costs (books) Costs 0 $ Beginning work in process 24,000 50,000 $ 60,000 $ Degree of completion, beginning work in process 100% 0% 50% Transferred in during March 2017 70,000 Completed and transferred out during March 2017 100,000 Ending work in process March 31 20,000 100% 25% Degree of completion, ending work in process 0% Total Costs added during March 210,000 $ 40,000 $ $ 60,000 Weighted-average assignment of costs Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Assignment of costs: $ 345,000 $ 225,000 $ Completed and transferred out 40,000 $ 80,000 49,000 4,000 45,000 0 Ending work in process $ 394,000 $ 84,000 270,000 $ 40,000 $ Total costs to account for Sutherland Sports, which produces basketballs, has 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. The following is a summary of the March 2017 operations of the stitching department. E (Click the icon to view the information.) (Click the icon to view the total costs assigned under the weighted-average method.) (Click the icon to view Sutherland Sports' process costing information.) Read the requirements. Requirement Summarize total stitching department costs for March 2017, and assign these costs to units completed (and transferred out) and to units in ending work in process. completing the following table to summarize the physical and equivalent units. (For amounts with a zero balance, make sure to eenter "0 in the appropriate cell.) Begin Equivalent Units Physical Transferred-lIn Direct Conversion Materials Units Costs Costs Work in process, beginning 50,000 70,000 Transferred-in during current period To account for Completed and transferred out during current period: From beginning wark in process 50,000 Started and completed 20,000 Work in process, ending Accounted for Equlvalent units of work done in current period Next summarize the total costs to account for. (For amounts with a zero balance, make sure to enter "O" in the appropriate cell.) Total Transferred-In Direct Conversion Production Costs Materials Costs Costs Total costs to account for Calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. (Round your answers to the nearest cent.) Transferred-In Direct Conversion Costs Materials Costs Divide by Cost per equivalent unit 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. Journal Entry Debit Credit Date Accounts Now record the transfer from the stitching department to Finished Goods. Journal Entry Debit Credit Date Accounts 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 in beginning work in process are The weighted-average method by assuming that are completed and transferred out, while ending work-in-process inventory relative to FIFO 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 Data Table Transferred-In Conversion Physical Units Direct Materials Costs (books) Costs 0 $ Beginning work in process 24,000 50,000 $ 60,000 $ Degree of completion, beginning work in process 100% 0% 50% Transferred in during March 2017 70,000 Completed and transferred out during March 2017 100,000 Ending work in process March 31 20,000 100% 25% Degree of completion, ending work in process 0% Total Costs added during March 210,000 $ 40,000 $ $ 60,000 Weighted-average assignment of costs Total Transferred-In Direct Conversion Production Costs Costs Materials Costs Assignment of costs: $ 345,000 $ 225,000 $ Completed and transferred out 40,000 $ 80,000 49,000 4,000 45,000 0 Ending work in process $ 394,000 $ 84,000 270,000 $ 40,000 $ Total costs to account for