Assessing Finished Goods Inventory account

Assessing Finished Goods Inventory account
Briefly describe the differences between job order and
process costing. Give an example of a type of company
that would use each one.
2. Briefly explain the underlying logic of a process costing
system and its assignment of costs to products.
3. Explain the differences between Raw Materials Inventory,
Work in Process Inventory, and Finished Goods Inventory
accounts.
4. Explain the flow of costs in a process costing system,
including the type of accounts used and the respective
financial statement on which the cost appears.
5. What are the five steps in preparing a weighted-average
production report?
6. Why is a production report important to a company?
7. What is the difference between conversion cost and manufacturing overhead?
8. What two methods can be used to prepare a process costing production report? What is the key difference between
them?
9. How is the number of p
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