Which of the following statements regarding first-in, first-out (fifo) process costing is/are true? (a) first-in, first-out (fifo) process costing transfers out the costs in beginning inventory before transferring out the costs associated with units started and completed.(b) first-in, first-out process costing requires one additional step in assigning costs to the units transferred out and the ending work-in-process inventory. a. a only. b. b only. c. both a and b. d. neither a nor b.