2. The FIFO method separates beginning inventory and current production to calculate the cost per unit of production. 
4. The numerator in the formula for equivalent units includes all beginning inventory costs when the average cost assumption is used.  
6. The numerator in the formula for equivalent units includes all initial inventory costs when the FIFO cost assumption is used.  
8. The weighted average cost method assumes that the units in beginning inventory are the first units transferred.  
10. The FIFO costing method assumes that the units in beginning inventory are the first units transferred.  
12. Standard costing is compatible with FIFO and weighted average costing methods. 
14. The hybrid costing system would be appropriate for a company that manufactures cake flour. 
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17. What is the cost accumulation procedure is most applicable in continuous mass production manufacturing environments?  
18. What is the best cost accumulation procedure to use for continuous mass production of similar units?  

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