Equivalent units of production are used in process costing to approximate the number of whole units
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Equivalent units of production are used in process costing to
• approximate the number of whole units of out¬ put that could have been produced during a pe¬ riod from the actual effort expended during that period.
• assign production costs for material, labor, and overhead to completed and incomplete output of the period.
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Related Book For 
Cost Accounting Foundations And Evolutions
ISBN: 9780324235012
6th Edition
Authors: Michael R. Kinney, Jenice Prather-Kinsey, Cecily A. Raiborn
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