Which of the following statements is incorrect regarding the production costing report?
A) A separate production report is prepared for each major production process on an annual basis.
B) The production report provides information about the number of units and manufacturing costs that flow through a production process during an accounting period.
C) The production report is used to determine how much manufacturing cost to transfer out of Work in Process Inventory and into the next processing department or finished goods if it is the last production process.
D) The production report is used to value any units that are in process at the end of the accounting perioD.
The production report provides information about the number of units and manufacturing costs that flow through a production process during an accounting perioD.
It is used to determine how much manufacturing cost to transfer out of Work in Process Inventory and into the next processing department (or Finished Goods Inventory if it is the last production process) and to value any units that are in process at the end of the accounting perioD.
A separate production report is prepared for each major production process on either a monthly or quarterly basis.

Question

Quizplus · Accepted Answer

The incorrect statement is that a separate production report is prepared for each major production process on an annual basis. The correct statement is that a separate production report is prepared for each major production process on either a monthly or quarterly basis.

Which of the Following Statements Is Incorrect Regarding the Production