The process cost summary presents calculations of the cost of units completed during the reporting period, but does not present any information about the ending goods in process inventory. True or false?

Question

Business

Santos Ramirez

30 July, 07:27

The process cost summary presents calculations of the cost of units completed during the reporting period, but does not present any information about the ending goods in process inventory. True or false?

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Marc Morgan · Answer 1

The statement "The process cost summary presents calculations of the cost of units completed during the reporting period, but does not present any information about the ending goods in process inventory" is False

Explanation:

An overview of the cost of the process is a manufacturing report which shows the costs, generated units and the cost for production models of a department. This report, in other words, summaries all of the department or process ' manufacturing activities.

The specific production processes and related expenses must first be established to assess a cost of production in a process costing system. The total costs per process over the duration must be calculated by the amount of units produced during that time until processes and expenses are recognised.