There are two approaches for dealing with the prior-period output and prior-period costs found in beginning work in process: the weighted average method and the first-in,first-out (FIFO)method.

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Quizplus · Accepted Answer

The statement is true. There are indeed two approaches for dealing with prior-period output and prior-period costs found in beginning work in process, which are the weighted average method and the first-in, first-out (FIFO) method.

There Are Two Approaches for Dealing with the Prior-Period Output