Which Method Is (Are) Used to Prepare the Departmental Production

question 100

Multiple Choice

Which method is (are) used to prepare the departmental production cost report when using a process cost system?

• A)LIFO method.
• B)FIFO method.
• C)Weighted average method.
• D)Both A & B are correct.
• E)Both B & C are correct.

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Definitions:

Prototype

An original model on which later versions are patterned or a typical example of a particular category.

Sea Horse

A marine fish with a head that resembles that of a horse, a prehensile tail, and a unique mode of reproduction with the males carrying the eggs.

Recognizing

The cognitive process of identifying and acknowledging something as having been previously seen, heard, or known.

Cognition

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.