Total costs to be accounted for are the same for both the weighted-average and FIFO methods.

Question

Quizplus · Accepted Answer

Both the weighted-average and FIFO (First-In, First-Out) methods calculate total costs to be accounted for by adding the cost of beginning work in process inventory and the cost of units started and completed during the period. The difference between the methods lies in how costs are assigned to units, not in the calculation of total costs to be accounted for.

Total Costs to Be Accounted for Are the Same for Both