Question 1015 pts

Choose "true" or "false" as applicable for each of the following items as they pertain to similarities and differences between the weighted average method and the FIFO method.

Group of answer choices

The FIFO method must be used when a business has more than one production department.

[ Choose ] True False

The weighted average method must be used when a business has more than one production department.

[ Choose ] True False

Differences between the two methods impact ONLY how conversion costs are assigned to inventory units. These differences do NOT impact how direct material costs are assigned to inventory units.

[ Choose ] True False

Equivalent full units do NOT need to be calculated under the weighted average method.

[ Choose ] True False

Equivalent full units do NOT need to be calculated under the FIFO method.