Ask Question
BusinessBusiness
28 January, 02:43

The existence of ending Work In Process Inventory necessitates the use of the 5minusstep process costing procedure. true or false

+2
Answers (1)
  1. 28 January, 05:37
    0
    The statement is: True.

    Explanation:

    The Work In Progress (WIP) Inventory represents the sources needed during the production of a good. While calculating costs for those sources it is necessary to follow the 5-steps of process costing which are the following:

    1) Determine the flow of units generated.

    2) Adjust the inventory to calculate the equivalent units.

    3) Identify the total cost.

    4) Calculate the average cost per equivalent unit.

    5) Record these costs to finished units and Work in Process units.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The existence of ending Work In Process Inventory necessitates the use of the 5minusstep process costing procedure. true or false ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What is the license to form a corporation issued by the state government called?
Answers (1)
Tyson is a 25% partner in the KT Partnership. On January 1, KT makes a proportionate distribution of $16,000 cash, inventory with a $16,000 fair value (inside basis $8,000), and land with a fair value of $8,000 (inside basis of $12,000) to Tyson.
Answers (1)
To calculate the unit price of an item, divide the total number of units by the total price. t/f
Answers (1)
True or False. In a limited liability limited partnership, the liability of a general partner is limited to the amount of capital he or she invests in the partnership.
Answers (1)
Countries that export goods and services realize that it's an important source of: A. debt. B. corporate connections. C. marketing ventures. D. revenue.
Answers (1)
New Questions in Business
Several years ago, the United States went to war with Iraq. This led to an increase in government expenditures and a decrease in private consumption and investment. What is the total effect of these circumstances on aggregate demand?
Answers (1)
If the technology is flexible it becomes more difficult to distribute manufacturing in many local facilities. it becomes more difficult to consolidate manufacturing in a few large facilities.
Answers (1)
A person buys a flat screen, plasma, theater-like television. the person has homeowner? s insurance. why would it be appropriate to add a personal property floater to that insurance?
Answers (1)
What type of business makes physical goods that customers can see or touch
Answers (1)
Jase Manufacturing Co.'s static budget at 7,800 units of production includes $39,000 for direct labor and $2,340 for electric power. Total fixed costs are $39,700.
Answers (1)
Home » Business » The existence of ending Work In Process Inventory necessitates the use of the 5minusstep process costing procedure. true or false
Sign Up Forgot Password?