Ask Question
11 August, 00:59

Which of the following statements regarding first-in, first-out (FIFO) process costing is/are true? (A) First-in, first-out (FIFO) process costing transfers out the costs in beginning inventory before transferring out the costs associated with units started and completed. (B) First-in, first-out process costing requires one additional step in assigning costs to the units transferred out and the ending Work-in-Process Inventory. A. A only. B. B only. C. Both A and B. D. Neither A nor B.

+3
Answers (1)
  1. 11 August, 03:54
    0
    Answer: The correct answer is "A. A only".

    Explanation: First-in, first-out (FIFO) process costing first transfers out the costs in beginning inventory because the oldest units are the first to leave (First in - First out).

    And it does not require an additional step in cost allocation to units transferred out and the final Work-in-Process inventory.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which of the following statements regarding first-in, first-out (FIFO) process costing is/are true? (A) First-in, first-out (FIFO) process ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers