Answer:
The process cost summary is prepared for the following reasons:
To help department managers control costs
To help factory managers evaluate department managers' performances
To provide cost information for financial statements
Step-by-step explanation:
Processing costing is used when production involves a series of sequential processes with high level of standardization. In such a production environment, the products are produced in batches, with the prime costs tracked to the department or production batch instead of to individual products or jobs.