Identify the Appropriate Order of the Following Steps in the Procedure

question 117

Essay

Identify the appropriate order of the following steps in the procedure for process costing with spoilage.
a.summarize total costs to account for
b.assign total costs to units completed, to spoiled units, and to units in ending inventory
c.summarize the flow of physical units
d.compute output in terms of equivalent units
e.compute cost per equivalent unit
Step 1 ________
Step 2 ________
Step 3 ________
Step 4 ________
Step 5 ________

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Definitions:

Revenues

Earnings derived from standard business activities, factoring in reductions and allowances for goods returned.

Expenses

Outflows or other uses of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.

Liability

Legal obligations related to finances that a business incurs throughout its operational processes.

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Owner's Equity.