Question: What is the first step to the WIP process? Summarize the costs to be accounted for Calculate the cost per equivalent unit Summarize the physical

What is the first step to the WIP process?

  1. Summarize the costs to be accounted for
  2. Calculate the cost per equivalent unit
  3. Summarize the physical flow of units and compute the equivalent units for direct material, direct labor, and overhead.
  4. Use the cost per equivalent unit to assign costs to completed units transferred out and unit in ending WIP inventory.

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