Prior process costs are always assigned an equivalent unit percent complete of 100% under both the FIFO and weighted-average methods.

Name: Prior process costs are always assigned an equivalent unit percent complete of 100% under both the FIFO and weighted-average methods.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Prior process costs are considered fully complete because they were incurred in previous periods, so they are always assigned a 100% completion rate in both FIFO and weighted-average methods.

Prior Process Costs Are Always Assigned an Equivalent Unit Percent