There are two approaches for dealing with the prior-period output and prior-period costs found in beginning Work-in-Process Inventory: the weighted average costing method and the FIFO costing method.

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Quizplus · Accepted Answer

This statement is true. Both the weighted average and FIFO costing methods are used for dealing with prior-period output and costs in beginning Work-in-Process Inventory.

There Are Two Approaches for Dealing with the Prior-Period Output