Process Costing

Question 1

What is the weighted avg. method?

Answer 1

it pool costs associated with begining work-in-process and costs we incur this period

Question 2

What is the FIFO method?

Answer 2

it assigns costs beginning work-in-process and costs we incur this period separately

Question 3

FIFO tracks EWIP in addition to? (when calculating EU and product costs)

Answer 3

BWIP and SCT

Question 4

Weight avg. tracks EWIP in addition to?

Answer 4

C+T

Question 5

Which process costing methods assumes BWIP is completed during the current period?

Answer 5

weight avg.