You Are Proposing a New Product to Be Built by Your

question 134

Multiple Choice

You are proposing a new product to be built by your company. You decide to create a mock-up of the product using the proposed materials. This mock-up is also referred to as

• A)a prototype.
• B)a concept.
• C)a draft product
• D)an example
• E)an open innovation.

Learn the concept of equivalent units and their role in assigning costs in process costing.

Recognize the structure and components of a cost of production report.

Understand the flow of costs in process costing, including movements between work in process accounts.

Distinguish between the accounting treatments of job order costing and process costing systems.