ECONOMICS

Detailed explanation-1: -A production cost report identifies the total cost (direct materials, labor, and overhead), of producing a product. A production cost report helps managers answer several important questions: How much does it cost to produce each unit of product for each department?

Detailed explanation-2: -A responsibility accounting system recognizes that control over costs and expenses belongs to several levels of management.

Detailed explanation-3: -Explanation: A process cost summary is used in managerial accounting to report the following: The costs charged to a department: In a process costing system there are multiple departments that accumulate costs. This report shows the costs per department.

Detailed explanation-4: -A direct materials purchases budget calculates how much material is required for purchase to satisfy the production budget. This is calculated for each period of production-usually monthly or quarterly.