Question

The following four steps are used to assign costs to products using the weighted average process costing method.
1.Calculate the cost per equivalent unit.
2.Summarize the physical flow of units and calculate equivalent units.
3.Assign costs to completed units transferred out and units remaining in WIP Inventory.
4.Summarize the costs to be accounted for.
Which of the following is the correct order for these steps?

Answer 1

Answer:

The correct order of the steps is: 2. / 4. / 1. / 3.

Explanation:

The correct order of the steps is:

Summarize the physical flow of units and calculate equivalent units.

Summarize the costs to be accounted for.

Assign costs to completed units transferred out and units remaining in WIP Inventory.