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A process cost summary summarizes the following process costing steps:

a) Total costs charged to the department
b) Physical flow of units
c) Equivalent units of production
d) Cost flow of units

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Final answer:

A process cost summary is a tool used in cost accounting to summarize the four steps of process costing: total costs charged to the department, physical flow of units, equivalent units of production, and cost flow of units.

Step-by-step explanation:

A process cost summary is a tool used in cost accounting to summarize the four steps of process costing. These steps include:

  1. Total costs charged to the department: This step involves recording and accumulating all costs incurred in the production process, such as direct materials, direct labor, and factory overhead.
  2. Physical flow of units: This step tracks the movement of units through the various stages of production, from raw materials to finished goods.
  3. Equivalent units of production: This step calculates the number of partially completed units in terms of fully completed units, taking into account the stage of completion.
  4. Cost flow of units: This step assigns costs to the completed and partially completed units based on the equivalent units of production.

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