(AICPA) An important concept in process costing is that of equivalent units.

a. Describe the difference between units placed in process for a period and equivalent units for a period when there is no beginning work in process inventory and the ending work in process inventory is 50 percent complete.

b. Describe the difference between units completed for a period and equivalent units for a period when there is no beginning work in process inventory and the ending work in process inventory is 50 percent complete.

c. Describe how equivalent units for a period are used to compute the cost of the ending work in process inventory.