ECONOMICS

Detailed explanation-1: -Discrete production losses are assumed to occur at the specific point in production process and it will be detected only when the firm performed a quality control inspection.

Detailed explanation-2: -o It assumes that the units in beginning work in process inventory and the units started into production during the period are equally likely to be completed during the period. o All units completed during the current period are assigned costs based on the weighted average cost per unit.

Detailed explanation-3: -Process Costing: It is a method pf designating production costs to every units of goods manufactured. This costing method is better applied to companies who manufacture products of the same process or procedures.

Detailed explanation-4: -Under which of the following conditions will the FIFO method produce the same cost of goods manufactured as the weighted-average method?-There is no ending inventory.

Detailed explanation-5: -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.