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1)Process Costing In a process cost system, costs are assigned only to a
1)Process Costing In a process cost system, costs are assigned only to
a. work in process, finished goods, and cost of goods sold
b.one work in process account.
c. work in process and finished goods inventory
d work in process accounts
2) Equivalent units are computed for
materials and conversion costs
labor and overhead only.
conversion costs only.
materials only.
Expert Solution
Answer:
1.
Process costing is a term used in cost accounting to describe one method for collecting and assigning manufacturing costs to the units produced. Processing cost is used when nearly identical units are mass produced.
In a process cost system, costs are assigned only to:
a. work in process, finished goods, and cost of goods sold
Costs are assigned only to work in process, finished goods and cost of goods sold in a process system
2.
Equivalent unit are always computed for material and conversion cost. its not only material or only conversion cost or labour and overhead only. ITs calculate on both materials and conversion cost.
so answer is a) Materials and conversion costs
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