13. A distinctive feature of the FIFO process costing method is that the work done on beginning inventory before the current period is kept separate from work done in the current period.

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Part 1

True

False

14. An operation-costing system is a hybrid-costing system applied to batches of similar, but NOT identical, products.

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Part 1

True

False

15. An assumption of the FIFO process-costing method is that :

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Part 1

A. no calculation of conversion costs is possible

B. the units in beginning inventory are not necessarily assumed to be completed by the end of the period

C. ending inventory will always be completed in the next accounting period

D. the units in beginning inventory are assumed to be completed first