11) The last step of the 5-step process costing procedure is to compute the cost per equivalent...

11) The last step of the 5-step process costing procedure is to compute the cost per equivalent unit.

12) The first step of the 5-step process costing procedure is to summarize the flow of physical units.

13) The last step of the 5-step process costing procedure is to assign total costs to units completed and to units in ending WIP inventory.

14) The “total physical units to account for” must equal the “total physical units accounted for”.

15) The “total physical units to account for” is the sum of the units in beginning WIP inventory plus the units started in production during the period.

16) The “total physical units accounted for” is the sum of the units completed and transferred out during the period plus the units in ending WIP inventory.

17) The “total physical units to account for” is the sum of the units in beginning WIP inventory plus the units in ending WIP inventory.

18) The “total physical units accounted for” is the sum of the units completed and transferred out during the period plus the units in beginning WIP inventory.

19) To find the “cost per equivalent unit”, the “total equivalent units” are divided by the “total costs to account for”.

20) To find the “cost per equivalent unit”, the “total costs to account for” are divided by the “total equivalent units”.