The firstin, firstout (FIFO) process costing method assigns the cost of the previous accounting period's equivalent units in beginning workinprocess inventory to the first units completed and transferred out of the process.

True

False

In the weightedaverage method, costs of units completed and transferred out, and in ending workinprocess, are calculated using average total costs obtained after merging costs of beginning workinprocess and costs added in the current period.

True

False