What is the difference between FIFO and Weighted Average inventory costing?

Select answer from the options below

FIFO determines which costs were incurred in which period while Weighted$-$Average determines completed units and the percent completed in WIP inventory.$$

There is no difference between the two costing methods.$$

FIFO determines how many units were completed and how many units are in WIP. Weighted average divides the costs by the number of units they sold.

Weighted$-$Average determines which costs were incurred in which period while FIFO determines how many units were completed and the percent completed in WIP inventory.