In a process costing system, which of the following are the four-steps of tracking product costs?
A)verify, analyze, record, and adjust
B)assign, analyze, approximate, and allocate
C)accumulate, assign, allocate, and adjust
D)arrive, analyze, assume, and allocate

Question

Quizplus · Accepted Answer

The four steps of tracking product costs in a process costing system are accumulate, assign, allocate, and adjust. The accumulation step involves collecting and summarizing the costs of each process in the production cycle. The assignment step involves assigning those costs to the products produced in each process. The allocation step involves spreading those costs over the units produced in each process. Finally, the adjustment step involves reconciling any discrepancies or errors in the cost accounting system.

In a Process Costing System, Which of the Following Are