Question: What are the various documents used in the conversion cycle and what does each one do? Why do companies need to calculate the costs associated

What are the various documents used in the conversion cycle and what does each one do?

Why do companies need to calculate the costs associated with/assigned to products?

Describe the importance/use of each of the following accounts Manufacturing Overhead, Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, Cost of Goods Sold. Know what type of account each one is and the events that increase and decrease the account.

Show the journal entries used to record events in the conversion cycle.

What is over/under applied overhead and why do we have it? What do we do with it at the end of the period?

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