On Occasion,the FIFO and the Weighted-Average Methods of Process Costing

question 131

Multiple Choice

On occasion,the FIFO and the weighted-average methods of process costing will result in the same dollar amount of costs being transferred to the next department.Which of the following scenarios would have that result?

• A) when the beginning and ending inventories are equal in terms of unit numbers
• B) when the beginning and ending inventories are equal in terms of the percentage of completion for both direct materials, and conversion costs
• C) when there is no ending inventory
• D) when there is no beginning inventory

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Definitions:

Population of Differences

Refers to the variation or differences found within a specified group or dataset.

Daily Attendance

The count or record of individuals present in a particular setting or event each day.

Confidence Interval Estimate

A range of values derived from sample statistics that is likely to contain the value of an unknown population parameter, with a specified level of confidence.

Average Age

The mean age of a group of individuals, calculated by summing their ages and dividing by the number of individuals.