A. partial inventory costing method
B. current period inventory method
C. Last-in, first-out method
D. First-in, first-out method
Correct Answer: First-in, first-out method ✔
Last Updated: May 11, 2023
Related MCQs
- Total cost related to work in process inventory is divided by total units of work done is used to calculate __________?
- The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called __________?
- The third step in process costing system is to __________?
- If the cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be __________?
- If the total incurred cost in a production process are $30000 and the number of output units are 5000 units, then the units cost will be __________?
- The second step in processing costing system is to __________?
- The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as __________?
- The forth step in process costing system is to __________?
- The fifth step in process costing system is to __________?
- The costs that are incurred in last department, where the product has been processed and will be carried to next department for further processing are called __________?
- If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and units completed in current period are 4000, then ending work in process equivalent units will be __________?
- If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and ending work in process equivalent units are 5000, then complete equivalent units in current period are __________?
- The cost of previous department is a part of __________?
- The total costs incur in a production process, is divided by total number of output units, to calculate the __________?
- A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as _________?
- The first step in process costing system is to __________?
- The standardized technique that is performed repetitively on different kind of materials to convert them into different finished products is known as __________?
- The hybrid costing system, which is applied to batches of similar products, but are not identical is classified as __________?
- The costing system, which is a combination of process costing and job costing system, is classified as __________?