COST ACCOUNTING
PROCESS COSTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The total costs accounted for in a production cost report equal the
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cost of units completed and transferred out only.
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cost of units started into production.
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cost of units completed and transferred out plus the cost of ending work in process.
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cost of beginning work in process plus the cost of units completed and transferred out.
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Explanation:
Detailed explanation-1: -a) costs accounted for equals the costs of the units started into production.
Detailed explanation-2: -A production cost report identifies the total cost (direct materials, labor, and overhead), of producing a product.
Detailed explanation-3: -The cost to be accounted for is always equal to the cost accounted for. The cost accounted for is the sum of total finished goods and the cost of ending work-in-process.
Detailed explanation-4: -True. The cost of production report summarizes (1) the units for which the department is accountable and the units to be assigned costs and (2) the costs charged to the department and the allocation of those costs.
There is 1 question to complete.