In process costing systems, product costs flow through the same accounts as in a job-order costing system.

Answer the following statement true (T) or false (F)


True

In process costing systems, product costs flow through the same general ledger accounts as in job-order costing systems: Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, and ultimately Cost of Goods Sold.

Business

You might also like to view...

Direct materials costs and conversion costs for the current period on a process cost report are divided by their respective units of equivalent production to arrive at the

a. ending inventory unit cost. b. transferred-in cost per unit. c. beginning inventory cost per unit. d. cost per equivalent unit.

Business

Which of the following is an element of inventory holding costs?

A) housing costs B) material handling costs C) investment costs D) pilferage, scrap, and obsolescence E) All of the above are elements of inventory holding costs.

Business

Every criminal defendant has a right to a jury trial

Indicate whether the statement is true or false

Business

What is the second step in transportation planning?

a. Carrier selection b. Mode Selection c. Route Planning d. Customer approach

Business