The first step of the 5-step process costing procedure is to summarize the flow of physical units.

Name: The first step of the 5-step process costing procedure is to summarize the flow of physical units.
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Quizplus · Accepted Answer

This is true according to the 5-step process costing procedure. The first step is to summarize the flow of physical units, followed by accounting for the equivalent units, calculating the cost per equivalent unit, allocating costs to units, and lastly reconciling the total costs.

The First Step of the 5-Step Process Costing Procedure Is