Final answer:
The method Superior Micro Products uses for its process costing system in the assembly department in May could be FIFO, LIFO, Weighted Average, or Specific Identification. Without information about the company's specific accounting practices, it is not possible to determine the exact method used.
Step-by-step explanation:
To determine the method Superior Micro Products uses in its process costing system for the assembly department in May, we would need specific information about the company's accounting practices. Process costing systems can use several methods to account for the costs of production, including First-In, First-Out (FIFO), Last-In, First-Out (LIFO), the Weighted Average method, and Specific Identification. However, without concrete data or additional context regarding Superior Micro Products' practices, it is not possible to accurately state which method is used.
Each costing method has its own characteristics:
- FIFO: This method assumes that the first units produced are the first units out, and costs are determined accordingly.
- LIFO: Conversely, LIFO assumes the last units produced are the first out for costing purposes.
- Weighted Average: It calculates a simple average of the costs of beginning inventory and units produced during the period.
- Specific Identification: This method tracks each item individually for costing.
Without the actual data from Superior Micro Products, any choice would be speculation.