Under the FIFO method of process costing, equivalent units of production consider units cost in the beginning inventory as if they were started and completed during the current periodTrue or False
False
False.
Under the FIFO (First-In-First-Out) method of process costing, equivalent units of production consider units cost in the beginning inventory separately from those started and completed during the current period. The equivalent units of production calculation for the current period includes units started and completed during the period, as well as units in the ending inventory that are partially completed. The equivalent units of production calculation for the beginning inventory only includes those units that are partially completed at the start of the current period. Therefore, the cost of units in the beginning inventory is not considered as if they were started and completed during the current period.
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