Question

Since the production cost report using the weighted-average method describes the activities of a production department for a specified reporting period, does it present information about any costs incurred in prior periods?

Answer 1

The production cost report using the weighted-average method does not present information about costs incurred in prior periods.

Step-by-step explanation:

The production cost report using the weighted-average method presents information about the costs incurred in the specified reporting period. It does not include any costs from prior periods.

The weighted-average method calculates the average cost per equivalent unit by combining costs from the current period only. This method assumes that the costs of prior periods are already accounted for in the inventory and are not relevant for the current reporting period.