1) The purpose of the equivalent-unit computation is to:A) convert completed units into the amount of partially completed output units that could be made withthat quantity of inputB) assist the business in determining the cost assigned to ending inventory and work-in-processinventory.C) convert partially completed units into the amount of completed output units that could be made withthat quantity of inputD) Both B and C are correc

2) In a process-costing system, the calculation of equivalent units is used for calculating:A) the dollar amount of ending inventoryB) the dollar amount of the cost of goods sold for the accounting periodC) the dollar cost of a particular jobD) Both A and B are correct.

10) The equivalent unit concept is a means by which a process costing system can compare partiallycompleted work done in each of the various process categories to obtain a total measure of work done.

Compute the number of equivalent units with respect to direct materials using the weighted-average method.   Units Direct Materials Percent Complete Conversion Percent CompleteBeginning work in process inventory 23,000 100% 50%Units started and completed 130,000    Units completed and transferred out 153,000    Ending work in process inventory 31,000 100% 55%

3,000 units in a process that are 70% complete, are referred to as:Question 6Answera.3,000 equivalent units of productionb.900 equivalent units of productionc.900 unequal units of productiond.2,100 equivalent units of production

The combined costs of direct labor and factory overhead per equivalent unit used by many businesses with process operations is called:Multiple ChoiceFinished cost per equivalent unitCombined cost per equivalent unitConversion cost per equivalent unitPhysical cost per equivalent unitOverhead cost per equivalent unit