Accounting · Process Costing Methods

Which of the following statements regarding process costing methods are correct? I. Process costing is an accounting method employed when manufacturing identical or similar products in continuous processes. II. The First-In-First-Out (FIFO) method assumes that the earliest units worked on are completed and transferred first. III. The Weighted Average Method obtains average cost per unit by multiplying total cost by the total number of units. IV. The FIFO method assumes that the cost of initial units reflects earlier prices, which may be lower during inflation. Choose the most appropriate answer from the options given below: