The Five Steps of the Process Costing Procedure Are Scrambled

question 105

Multiple Choice

The five steps of the process costing procedure are scrambled below: 1. Assign total costs to units completed and to units in ending WIP inventory.
2) Summarize total costs to account for.
3) Compute the cost per equivalent unit.
4) Summarize the flow of physical units.
5) Compute output in terms of equivalent units.
The correct order for these steps is:

• A)3, 1, 4, 2, 5.
• B)5, 3, 1, 4, 2.
• C)2, 4, 5, 1, 3.
• D)4, 5, 2, 3, 1.

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Definitions:

Schedule

A schedule is a planned set of activities or tasks along with their designated times and durations, intended to manage time efficiently.

Variable Ratio

A variable ratio is a schedule of reinforcement where a response is rewarded after an unpredictable number of responses, often used in behavior analysis.

Soft-Drink Vending Machine

A machine that dispenses cold beverages, such as sodas and juices, usually upon insertion of a coin or token.

Schedule

A plan that gives expected times for different things to happen.