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
The following are ways to withdraw from a checking account except foolproof
Answers (1)
Assume the economy is in recession. identify how fiscal policy could be used to close the recessionary gap. how does that compare to monetary policy
Answers (1)
Josh runs into heavy traffic every day while driving to work. yesterday, he left home earlier than usual and did not run into heavy traffic. again, today, he left earlier and avoided heavy traffic.
Answers (2)
What can you do if you aren't sure how to create good content for your website?
Answers (1)
If information is obscured or omitted, what can be the result for the communication? Group of answer choices The communication becomes unethical. a. The reader is more likely to support your argument. b.
Answers (1)
New Questions in Business
A gift that might otherwise be viewed as a future interest in a trust can be treated as a present interest gift if:
Answers (1)
Curtain Co. paid dividends of $10,000; $12,500; and $14,000 during Year 1, Year 2, and Year 3, respectively. The company had 2,100 shares of 5.5%, $100 par value preferred stock outstanding that paid a cumulative dividend.
Answers (1)
Describe how legal contracts provide incentives for people to exchange goods and services
Answers (1)
List four wan technologies that are carried over the pstn.
Answers (1)
Which of the events is likely to occur when the business cycle is in a period of recession (contraction) ? an increase in the standard of living an increase in unemployment an increase in GDP (gross domestic product) an increase in economic growth
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?