A production cost report
A)is the same as a job-order cost sheet.
B)summarizes the costs in all of the Work in Process accounts for a company.
C)provides a reconciliation of units and a reconciliation of costs, as well as the details of the cost per equivalent unit calculation.
D)must be completed before a department starts production for the month.

Question

Quizplus · Accepted Answer

A production cost report provides a reconciliation of units and a reconciliation of costs, as well as the details of the cost per equivalent unit calculation. It summarizes the costs incurred during a specific period of time, usually a month, and is used to calculate the cost of goods manufactured. It is not the same as a job-order cost sheet, which provides the cost details for a specific job or order. It also does not need to be completed before production starts, as it is used to summarize the costs incurred during production.

A Production Cost Report