The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.

Q: What units (whole vs equivalent) are complete with respect to materials or conversion and what units…

A: SOLUTION-  THE ACTIVITY OF PROCESSING DEPARTMENT IN TERMS OF FULLY COMPLETED UNITS IS KNOWN AS…

Q: Equivalent units expresses all activity of the period in terms of a.partially completed units.…

A: Equivalent Unit of Production:  the statement of Equivalent production is prepared to  converts the…

Q: Which of the following is not relevant is not relevant in determining weighted average unit cost in…

A: Cost of beginning inventory is relevant because it is added to the current period cost. Equivalent…

Q: what do i put for beginning inventroy #of units and cost per unit?

A: Perpetual Inventory System is a method of costing the ending inventory and the inventory sold. Under…

Q: the calculation of the equivalent unit is based on ......... of a production process

A: Equivalent units of production: Equivalent units refer to the total amount of work done on the…

Q: when total contribution margin equals total fixed cost this indicates operating income

A: The contribution margin is described as that amount which is computed after reducing variable costs…

Q: 2. Compute both the direct material cost and the conversion cost per equivalent unit. Cost per…

A: Process Costing: Process Costing refers to the costing where the costs are assigned to the units of…

Q: The term given to units that represents the number of completed units that is equal, in terms of…

A: Equivelent units=Units×Percentage completion

Q: Which of the following statements is true about byproduct costing?    Byproduct costs are allocated…

A: Byproduct costing is the method of allocating costs to the main product and byproducts in a…

Q: When products and their costs are moved from one process to the next process, these costs are…

A: Process costing is a method of costing used to ascertain the cost of a product at each stage or…

Q: Both the equivalent units schedules and the physical flow are prerequisites to calculating the…

A: The question is related to Process Costing. There are two methods of equivalent units  1. FIFO  2.…

Q: When computing the cost per equivalent unit the weighted-average method of process costing, the cost…

A: Weighted Average Method :— Under this method, equivalent units is calculated by adding equivalent…

Q: Assume markup percentage equals desired profit divided by total costs. What is the correct…

A: The mark-up amount of the profit is the amount which has been added on the cost so that the profit…

Q: When using the weighted-average method, EUP for a period equal the number of units O A. (1)…

A: Equivalent units means where the some goods remain incomplete at the end of process and we need to…

Q: Indirect costs in the construction business are also calle a. Total money earned b. Gross profit c.…

A: Indirect Cost -Any expense incurred by the company that cannot be directly attributed to a specific…

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.