Questions:
1. Under the weighted average method, how are prior-period costs and output treated? How are they treated under the FIFO method?
2. Under what conditions will the weighted average and FIFO methods give essentially the same results?
3. In assigning costs to goods transferred out, how do the weighted average and FIFO methods differ?
4. How are transferred-in costs treated in the calculation of equivalent units?
5. What is operation costing? When is it used?