A Major Advantage of Using the FIFO Process-Costing Method Is

question 165

Multiple Choice

A major advantage of using the FIFO process-costing method is that:

• A)in contrast with the weighted-average method,FIFO is considered GAAP.
• B)FIFO provides managers with information about changes in the costs per unit from one period to the next.
• C)FIFO makes the unit cost calculations simpler.
• D)All of these answers are correct.

---

Definitions:

Skepticism

An attitude of questioning, doubt, or disbelief in certain claims or statements without sufficient evidence.

Functionalism

A psychological school of thought focusing on how mental and behavioral processes function - how they enable the organism to adapt, survive, and flourish.

Structuralism

An early school of psychology that used introspection to explore the elemental structure of the human mind.

Edward Titchener

A British psychologist who founded structuralism, an early school of psychology that aimed to analyze the adult mind in terms of the simplest definable components and then to find the way in which these components fit together in complex forms.