A process cost summary is a managerial accounting report that describes all but which of the following:
a)The gross profit earned on the sale of products.
b)The equivalent units of production by the department.
c)How the costs were assigned to the output.
d)Physical transfers for a department.
e)The costs charged to a department.

Question

22-11-2022
Business

contestada

A process cost summary is a managerial accounting report that describes all but which of the following:
a)The gross profit earned on the sale of products.
b)The equivalent units of production by the department.
c)How the costs were assigned to the output.
d)Physical transfers for a department.
e)The costs charged to a department.

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amardeepvt7 amardeepvt7 · Answer 1 · 2022-11-30T08:40:10+01:00

A process cost summary is a managerial accounting report that consist of all the activities given here except the gross-profit earned on the sale of products.

What is process cost summary?

A process cost summary is a statement that precisely presenting the detailed analysis of a several processes cost incurred in producing a product, starting from the point of procurement of raw material, conversion processes & up to the end point where final product manufactured.

Further this statement shows flow of cost incurred products from purchasing stage, work in progress stage, units in normal loss, unit in abnormal loss and finally no. of units transferred to the finished goods control ledger account.

Therefore gross profit computed in trading account and not shown in process cost summary.

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