Weighted average process costing

Weighted average process costing combines opening work-in-progress cost with current-period cost and spreads the combined amount over equivalent output. It does not isolate the work needed to finish opening units in the same way as a FIFO process method. Calculate equivalent units by cost element and assign costs consistently to completed output and closing work in progress. This process method is distinct from weighted average material-issue pricing; retain the context when linking the shared phrase.