Which of the following statements regarding first-in, first-out (FIFO) process costing is/are true? (A) First-in, first-out (FIFO) process costing transfers out the costs in beginning inventory before transferring out the costs associated with units started and completed. (B) First-in, first-out process costing requires one additional step in assigning costs to the units transferred out and the ending Work-in-Process Inventory. A. A only. B. B only. C. Both A and B. D. Neither A nor B.
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