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user100 [1]
3 years ago
15

The existence of ending Work In Process Inventory necessitates the use of the 5minusstep process costing procedure. true or fals

e
Business
1 answer:
tensa zangetsu [6.8K]3 years ago
8 0

Answer:

The statement is: True.

Explanation:

The Work In Progress (WIP) Inventory represents the sources needed during the production of a good. While calculating costs for those sources it is necessary to follow the 5-steps of process costing which are the following:

<em>1)</em><em>  Determine the flow of units generated. </em>

<em>2)</em><em> Adjust the inventory to calculate the equivalent units. </em>

<em>3)</em><em> Identify the total cost. </em>

<em>4)</em><em> Calculate the average cost per equivalent unit. </em>

<em>5)</em><em> Record these costs to finished units and Work in Process units.</em>

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