ECONOMICS

Detailed explanation-1: -FALSE Explanation: The FIFO method of process costing assigns the cost of equivalent units worked on during the current period first to complete beginning inventory, next to start and complete new units, and finally to units in ending work-in-process inventory.

Detailed explanation-2: -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-3: -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-4: -The FIFO costing method assumes that units in beginning inventory are the first units transferred.

Detailed explanation-5: -Under the FIFO method, we will calculate equivalent units for 3 things: Units completed from beginning work in process, units started and completed this period and units remaining in ending work in process.