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acsons 1) What is meant by equivalent units of production, and why are they important when a process cost accounting system is used? 2) Briefly

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acsons 1) What is meant by equivalent units of production, and why are they important when a process cost accounting system is used? 2) Briefly explain the conditions under which job order cost accounting systems and process cost accounting systems are commonly applied. 3) What's the difference between FIFO and weighted-average methods of process costing to assign costs to the product

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