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Exercise 20-3 Terminology in process costing LO C1, A1 Select each of the items with...

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Accounting

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Exercise 20-3 Terminology in process costing LO C1, A1 Select each of the items with the best description of its purpose. Hems Description 1. Notifies the matenals manager to send materials to a production department 2. Holds indirect costs until assigned to production 3 Hold production costs until products are transferred from production to finished goods (or another department 4. Standardises partially completed units into equivalent completed units 5. Hold costs of finished products until sold to customers 6. Describes the activity and output of a production department for a period 7. Holds costs of materials until they are used in production or as factory overhead

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