Which of the Following Steps Are Part of the First-In

question 43

Multiple Choice

Which of the following steps are part of the first-in, first-out (FIFO) process-costing method?

• A) assignment of costs of the current period's equivalent units to the first units completed and transferred out of the process
• B) assumes as part of its first step that the most recently worked on units are completed and transferred out first
• C) assumes as part of its first step that there is no beginning work-in-process
• D) assignment of costs of the previous period's equivalent units in beginning work-in-process inventory to the first units completed and transferred out of the process

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Definitions:

Efficient

Achieving maximum productivity with minimum wasted effort or expense.

Production Possibility Frontier

A graphical representation showing the maximum combination of goods and services that can be produced using all available resources efficiently.

Full Employment

A situation where all available labor resources are being used in the most economically efficient way.

Efficient

Optimal productivity with minimal waste of resources, achieving the best possible outcome with the inputs available.