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Week 5 Discussion
Start by choosing one of the following two topics to discuss as your initial post and reply under the appropriate thread below:
- Something old, something new: Did you learn something in this chapter that you did not know before? Or, did you gain confidence because you determined that you have already mastered a concept presented in this chapter?
- Managerial Accounting: How does the weighted average method assist accountants in costing?
Week 5 Discussion Answer
One main characteristic of process costing system is that it is mostly used by company with single or homogenous product which is produced in continuous process or for periods of time. Units of product are identical thus, materials and conversion needed for it are also similar. In calculating costs using weighted average method, they combine costs and outputs from the current and prior period
This question is taken from Accounting 102 – Managerial Accounting » Spring 2021 » Discussions