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17-38 Transferred-in costs, weighted average method. Bookworm, Inc, has two departments printing and binding Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs) This problem focuses on the binding department Books that have undergone the printing process are immediately transferred to the binding department. Direct material is added when the binding process is 80% complete Conversion costs are added evenly during binding operations. When those operations are done, the books are immediately transferred to Finished Goods Bookworm Inc, uses the weighted average method of process costing The following is a summary of the April 2012 operations of the binding department Physical Transferred Direct Conversion Units in Materials Costs (books) Costs 1,050 $ 32,550 30 $13,650 Beginning work in process 100% 0% 50% Degree of completion beginning work in process Transferred 2,400 in during April 2012 Completed 2,700 and transferred out during April Ending work in process (April 30) Degree of completion ending work in process 750 100% 0% 70% $129,600 $23,490 $70,200 Total costs added during April 1. Summarize total binding department costs for April 2012, and assign these costs to units completed and transferred out) and to units in ending work in process 2. Prepare journal entries for April transfers from the printing department to the binding department and from the binding department to Finished Goods 17-39 Transferred-in costs, FIFO method. Refer to the information in Problem 17-38. Suppose that Bookworm, Inc, uses the FIFO method instead of the weighted average method in all of its departments The only changes to Problem 17-38 under the FIFO method are that total transferred in costs of beginning work in process on April 1 are $36,750 instead of $32,550) and that total transferred in costs added during Aprilare $124,800 (instead of $129,600), 1. Using the FIFO process-costing method complete Problem 17-38. 2. If you did Problem 17-39, expluin any difference between the cost of work completed and transferred out and the cost of ending work in process in the binding department under the weighted average method and the FIFO method