Which of the Following Steps Are Part of the First-In

question 43

Multiple Choice

Which of the following steps are part of the first-in, first-out (FIFO) process-costing method?

• A) assignment of costs of the current period's equivalent units to the first units completed and transferred out of the process
• B) assumes as part of its first step that the most recently worked on units are completed and transferred out first
• C) assumes as part of its first step that there is no beginning work-in-process
• D) assignment of costs of the previous period's equivalent units in beginning work-in-process inventory to the first units completed and transferred out of the process

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