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1.   Under the FIFO method, the total costs transferred out include all of the following except the cost a. of the beginning work in process. b. to complete beginning work in process. c. of the units started and completed during the period. d. of the units started into production during the period

1.   Under the FIFO method, the total costs transferred out include all of the following except the cost a. of the beginning work in process. b. to complete beginning work in process. c. of the units started and completed during the period. d. of the units started into production during the period

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...
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1.   Under the FIFO method, the total costs transferred out include all of the following except the cost

a. of the beginning work in process.
b. to complete beginning work in process.
c. of the units started and completed during the period.
d. of the units started into production during the period

 

2.   The FIFO method of process costing will produce the same cost of goods transferred out amount as the weighted average method when

a. the goods produced are homogeneous

b. there is no beginning Work in Process Inventory.

c. there is no ending Work in Process Inventory.

d. beginning and ending Work in Process Inventories are each 50 percent complete.

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