Which of the following method considers the percentage of completion of beginning work in process?
A)FIFO
B)CVP
C)weighted average
D)LIFO

Question

Quizplus · Accepted Answer

The FIFO (First-In, First-Out) method considers the percentage of completion of beginning work in process, as it assumes that the first units entering the production process are the first ones to be completed. This method separates the costs of the beginning inventory from the costs of the current period's production, allowing for a clear calculation of the costs associated with the units completed during the period, including those that were partially completed at the beginning of the period.

Which of the Following Method Considers the Percentage of Completion