Equivalent unit procedures are necessary since all physics units room not completed to the same degree at the exact same time


You are watching: Name the five steps, in order, in process costing when equivalent units are computed.

1. Summarize the flow of physical devices of output2. Compute output in terms of indistinguishable units3. Summarize full costs come account because that 4. Compute expense per equivalent unit5. Assign total costs to systems completed and also to units in finishing work in process
Explain the unique characteristic that weighted typical computations in assigning expenses to units completed and also to units ending work in process
The weighted-average process-costing method calculates the equivalent-unit price of every the work done to day (regardless the the accounting period in i m sorry it was done), assigns this expense to identical units completed and transferred the end of the process, and to equivalent units in finishing work-in-process inventory.
Explain the unique characteristic that FIFO computations in assigning prices to units completed and to units finishing work in process
FIFO computations space distinctive since they assign the cost of the previous accountancy period"s indistinguishable units in beginning work-in-process inventory to the an initial units completed and transferred the end of the procedure and entrust the price of tantamount units functioned on during the existing period an initial to complete start inventory, alongside start and also complete brand-new units, and also finally to units in finishing work-in-process inventory. In contrast, the weighted-average method costs systems completed and also transferred out and also in finishing work in process at the same mean cost.
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Bundle: Intermediate accountancy 16e Binder all set Version + WileyPLUS access Code16th EditionDonald E. Kieso, Jerry J. Weygandt, terry D. Warfield
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