Identify the appropriate order of the following steps in the procedure for process costing with spoilage
a. summarize total costs to account for
b. assign total costs to units completed, to spoiled units, and to units in ending inventory
c. summarize the flow of physical units
d. compute output in terms of equivalent units
e. compute cost per equivalent unit
Step 1 ________
Step 2 ________
Step 3 ________
Step 4 ________
Step 5 ________
Answer:
Step 1 c. summarize the flow of physical units
Step 2 d. compute output in terms of equivalent units
Step 3 a. summarize total costs to account for
Step 4 e. compute cost per equivalent unit
Step 5 b. assign total costs to units completed, to spoiled units, and to units in ending inventory
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