Question: Explain step three and step four for the production cost report Preparation of production cost report involves four steps. These steps are as follows: 1.

Explain step three and step four for the production cost report

Preparation of production cost report involves four steps. These steps are as follows:

1. Compute the physical unit flow.

2. Compute the equivalent units of production.

3. Compute the unit production costs.

4. Prepare the cost reconciliation schedule.

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