Reference no: EM132572025

Question 1. Which types of companies use a process costing system to account for product costs? Provide at least three examples of products that would require the use of a process costing system.

Question 2. Describe the similarities between a process costing system and a job costing system.

Question 3. Describe the differences between a process costing system and a job costing system.

Question 4. What are transferred-in costs?

Question 5. Explain the difference between physical units and equivalent units.

Question 6. Explain the concept of equivalent units assuming the weighted average method is used.

Question 7. Explain why direct materials, direct labor, and overhead might be at different stages of completion at the end of a reporting period.

Question 8. Describe the four key steps shown in a production cost report assuming the weighted average method is used.

Question 9. What two important amounts are determined in step 4 of the production cost report?

Question 10. Describe the basic cost flow equation and explain how it is used to reconcile units to be accounted for with units accounted for.

Question 11. Describe the basic cost flow equation and explain how it is used to reconcile costs to be accounted for with costs accounted for.