COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which one of the following is one of the key steps in determining process costs?
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Assigning the total manufacturing costs to the units completed and transferred out and the units of work in process at the end of the period.
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Analyzing the physical flow of production units.
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Computing the cost per equivalent unit for each manufacturing cost element.
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Calculating equivalent units of production for all manufacturing cost elements.
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All of the above are correct.
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Explanation:
Detailed explanation-1: -Which one of the following is one of the key steps in determining process costs?–Assigning the total manufacturing costs to the units completed and transferred out and the units of work in process at the end of the period.
Detailed explanation-2: -THE 5 STEPS FOR PROCESS COSTING Analyze the flow of actual units. Convert the inventory to determine the equivalent units. Identify the total costs. Calculate the average cost per equivalent unit.
Detailed explanation-3: -1. Analyze the inventory. The first step in calculating process costing is to analyze the inventory by evaluating cost-flow of the inventory.
There is 1 question to complete.