Answer:
1. The first step in preparing a cost of production report is to _____.
compute equivalent units of production
2. The last step in preparing a cost of production report is to _____.
allocate costs to units transferred out and partially completed units
Explanation:
After determining the equivalent units of production, the total costs of production are determined. The next step is to determine the cost per equivalent unit by dividing the total costs by the equivalent units of production. Finally, the equivalent cost per unit is multiplied by the equivalent units for units transferred out and ending inventory (partially completed units).
