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In process costing which is a system of accumulating costs in order to assign it to a particular cost object . We have two methods to allocate the cost to equivalent units of production ( EUP) first one is first in first out and the second one is weighted average . The only different between them is in the treatment of beginning work-in-process ( BWIP) and the weighted average is easier than FIFO
so when we talk about FIFO we will first complete the BWIP IF IT IS40% completed we will need to finish60% for the current period .
At the end of an accounting period there may be some units that have entered a production process but the process has not been completed. These units are called closing work in progress (or WIP)units.
Process costs are allocated to units of production on the basis of EUs.
For most processes the material is input at the start of the process, so it is only the addition of labour and overheads that will be incomplete at the end of the period.
I agree with Mr. Kamran answer
Yes, Above answers are correct.