X. Preparation of a process cost report using the ____________ costing method A.

Question

X.     Preparation of a process cost report using the ____________ costing method

A.     Step 1 accounts for the _______________ units in a production process, department, or work cell during an accounting period.

B.     Step 2 accounts for production during the period in terms of units:

1.      Completed and _____________ out.

2.      In _____________ inventory.

3.      In total accounted for, which must match the total in Step 1.

C.     Step 3 accumulates all direct materials costs and conversion costs for __________ inventory and the current period in the Total Costs column

D.     Step 4 computes the cost per equivalent unit for direct materials costs and conversion costs by ____________ the total of these costs by their respective equivalent units.

E.      Step 5 assigns direct materials and conversion costs to the:

1.      Units ______________ and transferred out.

2.      Units in ____________ inventory.

Explanation / Answer

X Process Costing Method A. Work In progress Units B. 1 Transferred out 2 Work in Process C. Closing Inventory D Dividing E.1 Completed

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