Place the following steps required to prepare a process costing
Place the following steps required to prepare a process costing production report into their correct order. List separately any step that should not be included in the process.
I. Reconcile the total cost of work in process inventory.
II. Apply manufacturing overhead to specific jobs.
III. Calculate cost per equivalent unit.
IV. Record costs incurred for each job on a separate job cost sheet.
V. Convert physical units into equivalent units.
VI. Reconcile the number of physical units.
VII. Prepare a production report.
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