The last step of the 5-step process costing procedure is:
A)assign total costs to units completed and to units in ending WIP inventory.
B)summarize total costs to account for.
C)compute the cost per equivalent unit.
D)summarize the flow of physical units.

Question

Quizplus · Accepted Answer

The last step of the 5-step process costing procedure is to assign total costs to units completed and to units in ending WIP inventory. This step is necessary to determine the total cost of producing a unit and the value of the ending inventory.

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