Can you answer these following questions 1.in a process cost system how do you v

Question

Can you answer these following questions

1.in a process cost system how do you value work in process.

2.In a process cost system where do we charge Direct labor and materials.

3. what does the journal entry look like when we move product from one department to another in a process cost system.

4.which of the following is not a characteristic of a process cost system(Know Process cost system)

5.what are conversion cost in a process cost system

6, how are equivalent determined (not math) and what are they determined for.

7. what is a cost of production report.

Explanation / Answer

In process costing, the amount of work in process is calculated based using percentage of completion and equivalent units. Percentage of completion is multiplied by no. of units put into the process to calculate equivalent units and rest of the units are considered work in process.

As the product has to go through various process, products are transferred from one process to another and until it is completed or any process is left to be performed, it is considered work in process.

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