Production costs during the current period are kept separate from that of the previous period in the:
A) Job costing method
B) FIFO method
C) Just-in-time method
D) Weighted average method

Question

Quizplus · Accepted Answer

The FIFO (First-In, First-Out) method keeps the production costs of the current period separate from those of the previous period by accounting for the costs of the oldest inventory first and moving sequentially towards the newest.

Production Costs During the Current Period Are Kept Separate from That