Four Steps Are Necessary in Preparing a Production Cost Report

question 30

Multiple Choice

Four steps are necessary in preparing a production cost report: 1.Compute output in terms of equivalent units of production
2) Assign costs to units completed and units in process
3) Summarize the flow of physical units
4) Compute the cost per equivalent unit of production
Place these steps in the correct order.

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

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Definitions:

Per Unit

A term that refers to expressing costs, revenues, or any other financial metric on a per unit of production or per unit of sale basis.

Fixed Manufacturing Overhead

These are production costs that do not change with the level of manufacturing activity, such as rent for factory premises.

Inventories

Assets held for sale in the ordinary course of business, or materials to be used or consumed in the production process.

Deferred

Postponed or delayed actions or transactions, often referring to income or expenses that will be recognized in a future accounting period.