1. Explain the term Equivalent units of Production (EUP)

2. What is the difference between the weighted average and the FIFO method as it relates to the calculation of EUPs?

3. Jackson Awards makes Trophies made of bronze, silver and gold. The trophies are similar with the exception of the materials used during the manufacturing process. Given this information; what type of costing system would you advise the company to use?

4. Why do we account for the units as the starting place when we use the weighted average method of calculating EUPs?

5. Explain the difference between a job order and process costing system