Which of the Following Steps Are Part of the First-In

Multiple Choice

Which of the following steps are part of the first-in, first-out (FIFO) process-costing method?

A) assignment of costs of the current period's equivalent units to the first units completed and transferred out of the process
B) assumes as part of its first step that the most recently worked on units are completed and transferred out first
C) assumes as part of its first step that there is no beginning work-in-process
D) assignment of costs of the previous period's equivalent units in beginning work-in-process inventory to the first units completed and transferred out of the process