ECONOMICS

Detailed explanation-1: -Conversion costs are usually incurred evenly throughout a process. True. Both job order and process cost accounting use equivalent units of production to determine costs.

Detailed explanation-2: -Correct Answer: Option b. direct labor cost and factory overhead cost. Conversion cost does not include direct materials. Conversion cost includes direct labor and manufacturing overhead.

Detailed explanation-3: -Conversion costs include direct labor and overhead expenses incurred as a result of the transformation of raw materials into finished products.

Detailed explanation-4: -Expert-Verified Answer The true statements about the process costing is that Its accumulates product costs by production departments. A process cost refers to a cost that is used to ascertain the cost of a product at all stages of production. The process cost are used in companies that produce homogeneous goods.

Detailed explanation-5: -Process costing is a system for assigning manufacturing costs to each unit produced. This system accumulates direct materials, direct labor, and overhead costs separately and assigns an average cost to each unit produced.