In a process cost system, the amount of work in process inventory is valued by a.multiplying...
In a process cost system, the amount of work in process inventory is valued by
a.multiplying units in ending inventory by the direct materials cost per unit
b.allocating departmental costs between completed and partially completed units
c.finding the sum of all completed jobs
d.finding the sum of all open job costs
Homework Answers
Under process costing, the total units are bifurcated into completed units and work in process which are also known as partially completed units. The costs are also located in the between completed units and units in work in process.
Allocating departmental costs between completed and partially completed units.
Option b.
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In a process cost system, the amount of work in process
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In a process cost system, ending inventory is valued Finding the sum of all open job costs Multiplying units in ending inventory by the direct materials co per unit. Allocating departmental costs between completed and partially completed units. Subtracting cost of goods sold from goods available for sale d. The entry to record direct labor costs into production in a job order cost accounting system is Debit work-in-process, credit wages payable. Debit finished goods, credit wages payable. Debit factory overhead,...
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