Henry's Wagons collected the following production information relating to July's assembly operations:
Complete the first two steps in the process costing procedure:
1. Summarize the flow of physical units.
2. Compute output in terms of equivalent units.
Definitions:
Work in Process
Inventory that includes materials that are currently being processed into finished goods but are not yet complete.
Total Costs
The aggregate of all expenses incurred by a business, including both fixed and variable costs.
Final Production Department
The last stage in a manufacturing process where products are completed and ready for sale or distribution.
Completed Goods
Products that have undergone all stages of production and are ready for sale or distribution to customers.
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