The most commonly used method to assign costs to products in process costing is the FIFO costing method.

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FIFO (first-in, first-out) is the most commonly used costing method in process costing, where the cost of goods produced is calculated by adding the costs of the oldest units of inventory first, and then adding the cost of the newer units until the total cost of all products is calculated. This method assumes that the units produced first are also the units that are sold first.

The Most Commonly Used Method to Assign Costs to Products