Match the five steps involved in creating the department production report with the steps below in the proper order.
-valuation of inventories
A)step 1 in preparing a Production Report
B)step 2 in preparing a Production Report
C)step 3 in preparing a Production Report
D)step 4 in preparing a Production Report
E)step 5 in preparing a Production Report

Question

Quizplus · Accepted Answer

Valuation of inventories is typically the fourth step in preparing a department production report. The first three steps involve summarizing the flow of physical units, computing output in terms of equivalent units, and computing the cost per equivalent unit. After these steps, the costs are assigned to units completed and transferred out and to units in ending work in process inventory, which involves the valuation of inventories.

Match the Five Steps Involved in Creating the Department Production