In process costing, production costs are accumulated by process. At the end of the period, the total production costs incurred must be split into two components. What are these two components?

What will be an ideal response

1. The units that have been completed in the process and transferred to the next process (or the Finished Goods Inventory if it is the last process).
2. The units not completed and remaining in Work-in-Process Inventory for that department.