The Five Steps of the Process Costing Procedure Are Scrambled

question 117

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

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Definitions:

Instance Variables

Variables defined in a class for which each instantiated object of the class has a separate copy, or instance.

Code Reuse

The practice in software development of using existing code for a new function or a different purpose to increase productivity and improve quality.

Super Class

In object-oriented programming, the class from which a subclass inherits properties and methods.

Base Class

A base class, also known as a superclass, is a class that is being inherited from by another class (subclass).