Required Information Learning Objective 16-C3: Describe accounting for production activity and preparation of a process cost summary using weighted average. A process cost summary reports on the activities of production process or department for a period. It describes the costs charged to the department, the equivalent units of production for the department, and the costs assigned to the output. The report aims to (t) help managers control their departments, help factory managers evaluate department managers' performance, and (3) provide cost information for financial statements. A process cost summary includes the physical flow of units, equivalent units of production costs per equivalent unit and cost reconciliation. It reports the units and costs to account for during the period and how they were accounted for during the period. In terms of units, the summary includes the beginning work in process inventory and the units started during the month. These units are accounted for in terms of the goods completed and transferred out, and the ending work in process inventory. With respect to costs, the summary includes materials and conversion costs assigned to the process during the period. It shows how these costs are disigned to goods completed and transferred out, and to ending work in process inventory Process Cost Summary GenX COMPANY-ROASTING DEPARTMENT Process Cost Summary (Weighted Average Method For Month Ended April 30 Knowledge Check 01 The process cost summary summarizes: (You may select more than one answer Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Physical flow of units 2tquivalent units of production Novoa departments costs. Costs per equivalent units Expenses incurred during the period Assignment of total costs to units worked on in the period Required Information Learning Objective 16-C3: Describe accounting for production activity and preparation of a process cost summary using weighted average. A process cost summary reports on the activities of production process or department for a period. It describes the costs charged to the department, the equivalent units of production for the department, and the costs assigned to the output. The report aims to (t) help managers control their departments, help factory managers evaluate department managers' performance, and (3) provide cost information for financial statements. A process cost summary includes the physical flow of units, equivalent units of production costs per equivalent unit and cost reconciliation. It reports the units and costs to account for during the period and how they were accounted for during the period. In terms of units, the summary includes the beginning work in process inventory and the units started during the month. These units are accounted for in terms of the goods completed and transferred out, and the ending work in process inventory. With respect to costs, the summary includes materials and conversion costs assigned to the process during the period. It shows how these costs are disigned to goods completed and transferred out, and to ending work in process inventory Process Cost Summary GenX COMPANY-ROASTING DEPARTMENT Process Cost Summary (Weighted Average Method For Month Ended April 30 Knowledge Check 01 The process cost summary summarizes: (You may select more than one answer Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Physical flow of units 2tquivalent units of production Novoa departments costs. Costs per equivalent units Expenses incurred during the period Assignment of total costs to units worked on in the period