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Discuss the steps used to prepare a production report under the FIFO and Weighted Average Cost methods.

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Accounting

Discuss thesteps used to prepare a production report under the FIFO andWeighted Average Cost methods.

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FIFO Preparing the quantity schedule ie reconciling units in the beginning work in process units addedstarted during the period units transferred out and units in ending WIP Bringing forward the cost of ending WIP of last period as cost of beginning work in process of the current period Bringing forward the percentage of completion of the ending WIP of last period Finding the costs brought forward from previous    See Answer
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