Which three items must ALWAYS be the same number on a production cost report? Group of answer choices Total column of the “Total costs, month of” row; Total column of the “Total Costs” row in the “Costs” section; and Total column of the “Total Costs” row in the “Cost Reconciliation” section. Total units in production, Total units under the “physical units” column, and Total units under the “materials – equivalent units” column. Unit costs for materials, labor, and manufacturing overhead. Ending WIP inventory amounts for materials, conversion costs, and total costs.
Which three items must ALWAYS be the same number on a production cost report? Group of answer choices Total column of the “Total costs, month of” row; Total column of the “Total Costs” row in the “Costs” section; and Total column of the “Total Costs” row in the “Cost Reconciliation” section. Total units in production, Total units under the “physical units” column, and Total units under the “materials – equivalent units” column. Unit costs for materials, labor, and manufacturing overhead. Ending WIP inventory amounts for materials, conversion costs, and total costs.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which three items must ALWAYS be the same number on a production cost report?
Group of answer choices
Total column of the “Total costs, month of” row; Total column of the “Total Costs” row
in the “Costs” section; and Total column of the “Total Costs” row in the “Cost
Reconciliation” section.
in the “Costs” section; and Total column of the “Total Costs” row in the “Cost
Reconciliation” section.
Total units in production, Total units under the “physical units” column, and Total units
under the “materials – equivalent units” column.
under the “materials – equivalent units” column.
Unit costs for materials, labor, and manufacturing overhead .
Ending WIP inventory amounts for materials, conversion costs, and total costs.
Expert Solution
Step 1
In the Production Cost Report, Total Cost is first determined from beginning inventory, units started and ending inventory.
Then the total cost is assigned to the units.
This is the same amount that is first determined and then assigned.
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