The first step in the process costing system is to summarize the physical flow of units.

Name: The first step in the process costing system is to summarize the physical flow of units.
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Quizplus · Accepted Answer

In a process costing system, the first step involves summarizing the physical flow of units to understand how many units were received from the beginning inventory, produced during the period, and then transferred out or remained in ending inventory. This helps in allocating costs accurately across units.

The First Step in the Process Costing System Is to Summarize