18.2 Case 1: Process costing with no beginning or ending WIP inventory Flashcards
1
Q
seperate costs into cost categories according to when costs are introduced into the process
A
process costing systems
2
Q
when _____ or ____ units of products or services are mass produced, process costing calculates an average production cost for all units produced
A
identical or similar
3
Q
what is Case 1 for process costing
A
process costing with zero beginnng and zero ending work in process inventory
4
Q
cost per unit equation
A
cost per unit =
total costs incurred in a given period / total units produced in that period
5
Q
applies whenever a company produces a homogeneous product or service but has no incomplete units when each accounting period ends
A
Case 1
