The unit-costing method that excludes prior-period work and costs in computing current-period unit work and costs is called:
A)Transferred-in cost method
B)FIFO costing method
C)Weighted average method
D)Equivalent units method

Question

Quizplus · Accepted Answer

The FIFO (First-In, First-Out) costing method excludes prior-period work and costs when computing current-period unit work and costs, focusing only on the costs and work added in the current period.

The Unit-Costing Method That Excludes Prior-Period Work and Costs in Computing