partial inventory costing method
current period inventory method
Last-in, first-out method
First-in, first-out method
Answer is Right!
Answer is Wrong!
The correct answer is: A. partial inventory costing method.
In process costing, the work done in the current accounting period and beginning inventory before the current accounting period is classified as partial inventory costing. This is because the cost of goods manufactured is calculated by adding the cost of goods completed during the period to the beginning inventory and then subtracting the ending inventory.
The other options are incorrect because they do not accurately describe the process costing method.
- Option B, current period inventory method, is incorrect because it does not take into account the beginning inventory.
- Option C, last-in, first-out method, is incorrect because it is a method of inventory costing that assumes that the most recent units purchased are the first units sold. This method is not used in process costing.
- Option D, first-in, first-out method, is incorrect because it is a method of inventory costing that assumes that the first units purchased are the first units sold. This method is not used in process costing.