Simplicity is the main advantage of which of the following process costing methods?
A) LIFO
B) FIFO
C) weighted average
D) exact cost method

Question

Quizplus · Accepted Answer

The weighted average method is the simplest among the options. Both LIFO and FIFO methods require the tracking of specific units and their costs, while the exact cost method involves tracking individual costs for each process. The weighted average method, on the other hand, calculates an average cost for all units in the process, making it simpler and easier to use.

Simplicity Is the Main Advantage of Which of the Following