Which of the following costs are always transferred out of the last Work in Process account at the end of the period under a FIFO process costing system?

Question

Quizplus · Accepted Answer

Under a FIFO (First-In, First-Out) process costing system, all costs associated with items that were transferred out during the period are always transferred out of the last Work in Process account at the end of the period. This includes both the costs from the beginning inventory that were associated with the units transferred out and the costs added during the current period for those units.

Which of the Following Costs Are Always Transferred Out of the Last