There are no units in ending Work in Process at the end of the period under the FIFO method.

Name: There are no units in ending Work in Process at the end of the period under the FIFO method.
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Question

Quizplus · Accepted Answer

Under the FIFO method, the units in ending work in process are assumed to be the units that were most recently started in production. Therefore, there are units in ending work in process and they need to be accounted for in the calculation of cost of goods manufactured.

There Are No Units in Ending Work in Process at the End