What is the primary adyantage of using the FIFO method instead of the weighted$-$average method for process costing?

Multiple Choice

Total production costs will appear lower in all economic states using FIFO.

Changes in production costs between periods are more apparent.using FiFO.

Total taxes are lower in all economic states using FIFO.

The FIFO method is the only method that complies with GAAP.

hich of the following js true regarding partially completed products?

Multiple Choice

Accounting standards require that costs be assigned to the income statements in the period in which they occur and to balance sheets as of a given date.

Accounting standards require that costs be assigned to the income statements in the period in which the product or service associated with the cost is sold.

Most companies find it easy to determine how much of the total production costs should be assigned to hems that are in process.

Partially completed costs rarely arise for products that require large amounts of time to process.