Which of the following methods considers the percentage of completion of beginning work-in-process?
A) FIFO
B) weighted average
C) both weighted average and FIFO
D) neither FIFO nor weighted average

Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) method considers the percentage of completion of beginning work-in-process, as it focuses on the costs related to the oldest inventory first, including the work-in-process at the beginning of the period.

Which of the Following Methods Considers the Percentage of Completion