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 April are $124,800 (instead of $129,600).

Required

1. Using the FIFO process-costing method, complete Problem 17-38.

2. If you did Problem 17-38, explain 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.