Which of the following is true?

Multiple Choice

• FIFO is always used for process costing.

• A partially completed product whose direct materials are added at the beginning of the process would be 0% complete with respect to direct materials.

• FIFO is never used in process costing.

• A partially completed product whose direct materials are added at the beginning of the process would be 100% compete with respect to direct materials.

In activity-based costing, unit product costs computed for external financial reports do NOT include:

Multiple Choice

• direct materials.

• direct labor.

• selling costs.

• Manufacturing overhead