When comparing the weighted-average and FIFO methods of process costing, which items are the same in both methods? (

Objectives, Concepts and Journal Entry Accounts

Explanation:

The reason is that the objective of the FIFO and Weighted average methods is the same which is to assign the costs that were incurred to convert the raw inventory into finished goods.

The underlying concept in both of the method is cost flow assumption which is the transfer of the cost that was assigned to finished goods, to cost of goods sold.

The journal entry accounts are the same accounts used for weighted average method, LIFO and FIFO methods.

So these are the similarities which are found while comparing FIFO, LIFO and weighted average methods of process costing.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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