Managerial Accountants Realize That a Distinct Feature of the First-In,first-Out

question 51

Multiple Choice

Managerial accountants realize that a distinct feature of the first-in,first-out (FIFO) process-costing method is that:

• A)it keeps work done on beginning inventory blended with work done during the current period in the calculation of equivalent units.
• B)it keeps separate work completed on beginning inventory before the current period from work completed in the current period.
• C)work done on ending inventory is kept separate from the work during the calculation of equivalent units and is usually not included in the calculation.
• D)managerial accountants fail to assign the costs of the previous accounting period's equivalent units in beginning work-in-process inventory.
• E)it is really the same as the weighted-average process-costing method.

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Definitions:

Data Flow

The movement of data among devices, systems, or software, often visualized within a process or architecture to analyze the transfer and processing of data.

Executive Support Systems

A type of management information system designed to help and support senior executives in decision-making by providing relevant, concise, and accurate information.

"If-Then" Rules

Statements in programming and logic that define a condition (IF) and the outcome (THEN) that follows if the condition is met.

Management Information System

A system designed to manage and process an organization's information and support its decision-making processes.