In process cost accounting manufacturing costs are summarized on a
A) job order cost sheet.
B) process order cost sheet.
C) production cost report.
D) manufacturing cost sheet.

Question

Quizplus · Accepted Answer

In process cost accounting, manufacturing costs are summarized on a production cost report. This report shows the total cost of the products made during a specific time period and is usually prepared at the end of each accounting period. The report summarizes the direct materials, direct labor, and manufacturing overhead costs incurred in each production department, as well as the total equivalent units produced and the cost per equivalent unit. The production cost report is then used by management to make decisions about pricing, production volume, and other important financial matters.

In Process Cost Accounting Manufacturing Costs Are Summarized on a