The Five Steps of the Process Costing Procedure Are Scrambled

question 11

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:

Borrowed

The state of having taken something on loan, often with the obligation to return it or repay an equivalent amount.

Annual Rate

The interest rate for a whole year, as opposed to just a monthly or daily rate.

Days

A unit of time equivalent to 24 hours, often used to measure durations or intervals.

Grow

To grow or expand in size, volume, or intensity as time progresses.