The correct statement concerning process costing is:

Question

Quizplus · Accepted Answer

Process costing is used in industries that produce homogeneous products, such as liquids, gases, or granular solids, that are continuously processed. The flow of products is not separated by jobs, but rather by process stages. In process costing, the control document is a cost of production report, which summarizes the production and cost data for each department or process. Record keeping is less detailed than for job costing because the focus is on the overall cost of production per unit rather than on the cost of individual units.

The Correct Statement Concerning Process Costing Is