Determine whether each the following statements describes the weighted-average method (WA), the FIFO method (FIFO), or both
Question:
_____ Is simpler and more frequently used in the real world.
_____ Assumes the units in beginning inventory were completed before any new units were started.
_____ Acceptable for external reporting (GAAP).
_____ More closely matches the actual flow of costs in many process industries and therefore may be more accurate.
_____ Assumes that all of the work and all of the cost associated with beginning inventory occurred during the current period.
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Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
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