The final result of the process costing procedure is to compute the dollar amount of the credit to a work-in-process account and the corresponding debit to finished goods and/or other work-in-process accounts.

Question

Quizplus · Accepted Answer

This statement is true. The process costing procedure involves calculating the total cost of production for a particular period and allocating that cost to the various work-in-process and finished goods accounts. The final step is to debit finished goods and/or other work-in-process accounts and credit the work-in-process account for the total cost of production.

The Final Result of the Process Costing Procedure Is to Compute