Both, the standard-costing method and FIFO, assumes that the earliest equivalent units in beginning work in process are completed first.

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Both standard costing and FIFO method assume that the earliest equivalent units in beginning work in process are completed first. This means that the costs and units of production from the earliest period are considered first before moving on to the later periods.

Both, the Standard-Costing Method and FIFO, Assumes That the Earliest