Which method is (are) used to prepare the departmental production cost report when using a process cost system?
A)LIFO method.
B)FIFO method.
C)Weighted average method.
D)Both A & B are correct.
E)Both B & C are correct.

Question

Quizplus · Accepted Answer

The FIFO (First-In, First-Out) method and the Weighted Average method are used in process costing systems to prepare departmental production cost reports. LIFO (Last-In, First-Out) is not typically used in process costing.

Which Method Is (Are) Used to Prepare the Departmental Production