Under the FIFO method, unit costs would:
A)result from costs in the beginning inventory being added in with current period costs.
B)contain some element of cost from the prior period.
C)not contain some elements of cost from the prior period.
D)not include costs incurred to complete beginning inventory.

Question

Quizplus · Accepted Answer

Under the FIFO (First-In, First-Out) method, unit costs are based on the costs of the most recent purchases, meaning they do not contain elements of cost from the prior period.

Under the FIFO Method, Unit Costs Would