Process Costing Flashcards
1
Q
When is process costing used?
A
to accumulate costs of mass-produced, continuous, identical items that are often small and inexpensive
2
Q
What is included in the calc of weighted average equivalent units?
A
units started and finished (sometimes have to work backwards to find) and ending inventory
3
Q
How are by products net proceeds handled?
A
no revenue is recognized from the sale of by-products, instead they are used to reduce the cost of the main product (or it is recognized as misc rev)
