For which of the following are the total associated manufacturing costs under the FIFO costing method the sum of the prior-period costs plus the costs incurred in the current period to finish the units?
A) conversion costs
B) units started and completed
C) ending Work-in-Process Inventory units
D) beginning Work-in-Process Inventory units

Question

Quizplus · Accepted Answer

The total associated manufacturing costs under the FIFO costing method for beginning Work-in-Process Inventory units are the costs incurred in the prior period to start the units, which have been partially completed and carried over to the current period, plus the costs incurred in the current period to finish them. The costs of units started and completed in the current period and ending Work-in-Process Inventory units would not include prior-period costs. Conversion costs are the direct labor and overhead costs incurred to convert raw materials into finished goods, but are not specific to any particular set of units.

For Which of the Following Are the Total Associated Manufacturing