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We discuss how to prepare the
using the weighted-average method. In addition, we discuss that a
production report is a summary of what occurs in the production
process, and includes information about the number of physical
units, number of equivalent units, cost per equivalent unit, and a
reconciliation of the cost of Work in Process Inventory.
Knowledge Check 01
Paula's Fab Tee Company, which prints T-shirts, has three processing
departments (printing, labeling, and packaging). The total cost per equivalent
unit was $17.80 for the printing department, $0.80 for the labeling department,
and $0.40 for the packaging department. The total cost of the 1,450 units that
were transferred out of the Work in Process Inventory (Packaging) account to
the Finished Goods Inventory account was:
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- Which of the following accounts would be debited to record the assignment of indirect materials? Group of answer choices Work-in-process inventory Manufacturing overhead Supplies expense Costs of goods soldarrow_forwardIn process costing, costs are accounted for by a. year. b. process. c. job. d. batcharrow_forwardA manufacturer reports three activities: assembling components into products; product design; and purchase order processing. Determine whether each of the following cost drivers relates to assembly, design, or purchase order processing. Cost Driver 1. Number of design changes 2. Finishing machine hours 3. Number of design hours 4. Number of purchase orders received 5. Number of purchase orders processed 6. Direct labor hours to finish production Activityarrow_forward
- please asnzwer as soon as possiblearrow_forwardUnder process costing, the costs incurred by each department are reported in which of the following? Group of answer choices A job cost sheet The Cost of Goods Sold account The Finished Goods Inventory account A production cost reportarrow_forwardHow is activity-based cost allocation useful to management for control and evaluation of the performance of a department? List three points only and briefly discuss them. Why is it necessary for the cost accountant to determine the percentage of completion in the ending work in process inventory at the end of the period? Briefly explain.arrow_forward
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