If the FIFO cost method is being used in a process costing system, costs in the beginning stock are kept separate from current period costs

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With FIFO, the costs of beginning stock are assumed to be used up first before current period costs are used. Therefore, the costs in beginning stock are kept separate from current period costs. A quantity schedule can be prepared for a period using the FIFO method by listing the units produced and transferred out in chronological order, along with their respective costs.

If the FIFO Cost Method Is Being Used in a Process