The weighted-average method and the FIFO method of process costing use the same manufacturing accounts.

Name: The weighted-average method and the FIFO method of process costing use the same manufacturing accounts.
Brand: Quizplus
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Quizplus · Accepted Answer

Both the weighted-average method and the FIFO method of process costing use the same manufacturing accounts, such as Work in Process, Finished Goods, and Cost of Goods Sold. The difference between the two methods is in how they calculate equivalent units and assign costs to those units.

The Weighted-Average Method and the FIFO Method of Process Costing