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QUESTION S 1. What are the two primary accounting systems 7. What items of production cost make up the "costs used to record production costs? to account for" in a production cost report? 8. What is accomplished by preparing a reconcilia- 2. Explain the concept of an "equivalent unit." 3. What is meant by the term conversion costs? 4. What is meant by the term transferred-in cost? 5. Why are units often in a different stage of comple- tion of the physical units as a part of the produc- tion cost report? 9. Do transferred-in costs occur in all departments tion with respect to raw materials and conversion costs? of a manufacturer using a process costing system? Explain. 10. What are the four steps involved in the prepara- 6. What items are in the numerator and what items tion of a production cost report? are in the denominator in the calculation of cost per equivalent unit