The fifth step in process costing system is to ___________?
Correct answer: D. assign total cost to completed unitsHire An Accountant
- A. allocate separable costs
- B. allocate joint costs
- C. compute gross margin
- D. assign total cost to completed unitsHire An Accountant
Explanation
The fifth process-costing step assigns the total cost to completed units and the ending work in process. Joint-cost allocation and separable-cost allocation belong to joint-product costing, not this sequence.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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