Describe how the process costing information is used by managers in every stage of the management process
Managers use process costing information in every stage of the management process.
• Planning: Information about past and projected product costing and customer preferences is used to decide what a product should cost.
• Performing: Costs are controlled by tracking products and cost flows through departments or processes. Later, managers prepare process cost reports to assign production costs to the products manufactured.
• Evaluating: Performance is evaluated by comparing targeted costs with actual costs.
• Communicating: Managers use actual units and costs to value inventory on the balance sheet and cost of goods sold on the income statement.
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