Answer the following statements true (T) or false (F)
1. The task of summarizing the flow of physical units is one of the four steps involved in the preparation of the production cost report.
2. The number of equivalent units for direct materials and conversion costs must always be equal.
3. The weighted-average method determines the cost of equivalent units of production by accounting for beginning inventory costs separately from current period costs.
4. The equivalent units of production for transferred in units are always 100%.
5. Cost amounts that are transferred out of one department become the transferred in cost for the next department.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
5. TRUE
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What will be an ideal response?
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