Cost Accounting A Managerial Emphasis Study Set 1
Quiz 17: Process Costing
Operating Personnel Must Be Able to Estimate the Percentage of Work-In-Process
Operating personnel must be able to estimate the percentage of work-in-process completed in process costing.
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Equivalent units measure output in terms of the physical quantities of each of the inputs (factors of production)that have been consumed by the units.
Process costing is extremely useful when there are a variety of products produced, as compared to the production of a single product.
Examples of industries that would use process costing include the pharmaceutical and semiconductor industry.
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