ECONOMICS

Detailed explanation-1: -Under the weighted average method, we use beginning work in process costs AND costs added this period. Under the FIFO method, we will only use the costs added this period.

Detailed explanation-2: -weighted average method: combines beginning inventory costs (prior period work) with costs from current period work. 2. first-in, first-out (FIFO) method: separates beginning inventory costs (prior period work) from costs of current period work.

Detailed explanation-3: -First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which assets produced or acquired first are sold, used, or disposed of first. For tax purposes, FIFO assumes that assets with the oldest costs are included in the income statement’s cost of goods sold (COGS).

Detailed explanation-4: -A queue is structured, as an ordered collection of items which are added at one end, called the “rear, ” and removed from the other end, called the “front.” Queues maintain a FIFO ordering property. Was this answer helpful?