FIFO method (continuation of 17-41).
1. Complete Problem 17-41 using the FIFO method of process costing.
2. If you did Problem 17-41, explain any difference between the cost of work completed and transferred out and the cost of ending work in process 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.