Weighted Average method of process costing
Table of Equivalent Units
Cost per equivalent unit
Production Cost Report
Answer the following questions and submit your answers to your facilitator. Write at least a minimum of half page for each question.
1.What are the similarities and differences between a job order and process cost system?
2.What is meant by equivalent units of production and how they are computed?
3. How the different types of inventories (FIFO, LIFO, Average) affect the cost associated with the process cost system?
4. What are the steps to produce a production cost report? State the procedures that are required in the sequence in which they are performed.
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