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Which method of process costing is almost always used in practice? Multiple Choice a) Weighted average...

Which method of process costing is almost always used in practice?

Multiple Choice

a) Weighted average method

b) LIFO method

c) Straight-line method

d) Accelerated method

e) None of these answers is correct.

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Answer #1

Weighted average method of process costing is almost always used in practice.

Count option is (a)

The two method used to assign costs to inventory in process costing are First in, First out (FIFO) and Weighted average method. However, the weighted average method is most commonly used as it included costs in the beginning inventory and costs added during the current period to find out cost per equivalent unit.

LIFO method is not used in process costing.  

Straight- line method and Accelerated method are the methods of charging depreciation.

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