Under process costing,a cost of production report is prepared to determine the amount of costs that should be transferred to the next department or to finished goods.

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This statement is true. A cost of production report is a key tool used in process costing to allocate costs of a production process to products, either to transfer them to the next department in the production process or to finished goods inventory. The report typically summarizes the manufacturing costs incurred during a specific period, including direct materials, direct labor, and manufacturing overhead, and calculates the total cost of production that should be assigned to each unit produced.

Under Process Costing,a Cost of Production Report Is Prepared to Determine