'There's no reason for me to get excited about the choice between the weighted-average and FIFO methods in my process-costing system. I have long-term contracts with my materials suppliers at fixed prices." Do you agree with this statement made by a plant controller? Explain. (Select all hat apply.) A. No, I do not agree with the statement. What the plant controller is not considering is the amount of inventory on hand at the beginning or end of an accounting period. The smaller the amount of production held in beginning or ending inventory relative to the total number of units transferred out, the smaller the effect on operating income, cost of goods sold, or inventory amounts from the use of either the weighted-average or the FIFO methods. B. Yes, I agree with the statement. There is no need to consider other costs, such as labor, energy, or maintenance. If the costs of these items vary over time, the choice of inventory method (weighted average or FIFO) has no impact on operating income, cost of goods sold or inventory amounts. C. No, I do not agree with the statement. Material purchases are only one cost item. Other items, such as labor, energy, and maintenance, are often included in a conversion costs pool. If the costs of these items vary over time, the choice of inventory method (weighted average or FIFO) could have an impact on cost of goods sold and inventory amounts. D. Yes, I agree with the statement. In a process-costing system, direct materials are the only costs which affect operating income, cost of goods sold or inventory. Since the costs will remain consistent as a result of the long-term contracts with suppliers, the cost per unit under either the weighted-average or the FIFO methods will be the same