A process cost summary is a managerial accounting report that describes all but which of the following?
A)The gross profit earned on the sale of products.
B)The equivalent units of production by the department.
C)How the costs were assigned to the output?
D)Physical transfers for a department.
E)The costs charged to a department.

Question

Quizplus · Accepted Answer

A process cost summary typically focuses on the costs incurred in a department or production process, such as materials, labor, and overhead. It also includes information on the equivalent units of production, physical transfers, and costs charged to the department. However, it typically does not include information on gross profit earned on the sale of products, as this is more relevant to financial accounting and external reporting.

A Process Cost Summary Is a Managerial Accounting Report That