The Four Steps Necessary to Complete a Cost of Production

question 71

Multiple Choice

The four steps necessary to complete a cost of production report in a process cost system are ​
1)
Allocate costs to transferred and partially completed units
2)
Determine the units to be assigned costs
3)
Determine the cost per equivalent unit
4)
Calculate equivalent units of production
​
The correct ordering of the steps is

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

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Definitions:

Piaget's Stages

A theory by Jean Piaget that describes four stages of cognitive development in children: Sensorimotor, Preoperational, Concrete Operational, and Formal Operational stages.

Sensorimotor

Relates to the first stage of Jean Piaget’s theory of cognitive development, where infants learn through interacting with the world through sensory experiences and motor activities.

Cognitive Development

The process by which a person's ability to think, understand, and learn evolves over time from childhood through adulthood.

Jean Piaget

A Swiss psychologist renowned for his pioneering work in child development, particularly his theory of cognitive development.