Question

Identify the correct order of the four steps used to prepare a production cost summary (report). 1)Summarize the cost flow of physical units; (2) Compute the total cost of equivalent units of production; (3) Compute the cost per equivalent unit of production; and (4) Assign costs to units completed and units in process. (1)Summarize the flow of physical units; (2) Compute the equivalent units of production output; (3) Assign costs to units completed and units in process; and (4) Compute the cost per equivalent unit of production. (1)Summarize the flow of physical units; (2) Compute the equivalent units of production output; (3) Compute the cost per equivalent unit of production; and (4) Assign costs to units completed and units in process. (1)Summarize the flow of physical units; (2) Compute the equivalent units of production output; (3) Compute the total cost of equivalent units of production; and (4) Assign costs to units completed and units in process.

Answer 1

Answer:

The answer is "Option C".

Explanation:

The Costs of production relate to the price of a company producing or producing a service, which can include the range of expenditures, like labor, manufactured goods, supplies of items, and expenses. It has mainly four steps that can be defined as follows:

• Complete the physical unit flow.
• Measure the production unit's equivalent.
• Compare the value per unit for output equivalent.
• Assign costs to finished units and manufactured units.