Question
1a)Explain when a company would choose process cost accounting vs job cost accounting. b)Explain why it is necessary for a company using process cost accounting
1a)Explain when a company would choose process cost accounting vs job cost accounting.
b)Explain why it is necessary for a company using process cost accounting to calculate equivalent units before calculating cost per unit.
c)Explain how a company using process cost accounting calculates average cost per equivalent unit when there is beginning inventory. d)Explain why it is necessary to prepare a cost of production summary when a company uses process costing. (what do they do with the information?) e)What is the journal entry to record materials being returned to the store room from the factory? f)Spoiled goods when returned to the storeroom or warehouse for sale are recorded at their value, not their cost? Why would you think this is true?
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