ECONOMICS

Detailed explanation-1: -The first-in-first-out (FIFO) method keeps beginning inventory costs separate from current period costs and assumes that beginning inventory units are completed and transferred out before the units started during the current period are completed and transferred out.

Detailed explanation-2: -In the weighted average cost method, the cost of goods available for sale is divided by the number of units available for sale and is commonly used when inventory items are so melded or identical to each other that it is impossible to assign specific costs to single units.

Detailed explanation-3: -The first-in, first-out process-costing method assumes that units in beginning inventory are completed during the current accounting period. Process costing FIFO is usually applied to both the units entering a department and the units leaving a department.

Detailed explanation-4: -Beginning Work-in-Process Inventory is units already started in the previous period but still not finished before the end of the period. The ending work-in-process of the last period will be the beginning work-in-process of the current period.