Determine whether each the following statements describes the weighted-average method (WA), the FIFO method (FIFO), or both methods (Both). 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