Which of the Following Is Used to Calculate the Number

question 86

Multiple Choice

Which of the following is used to calculate the number of units accounted for under first-in,first-out (FIFO) method of inventory valuation of process costing? This is the first department in a company using process costing.

• A) Accounted for = Beginning balance + Started and completed + In process
• B) Accounted for = Beginning balance + Started and completed
• C) Accounted for = Beginning balance + In process
• D) Accounted for = Beginning balance + Amount transferred in