Item 1

Item 1

Equivalent units of production for a process costing system using the FIFO method are equal to:

Multiple Choice

• Units completed during the period + Equivalent units in the ending work in process inventory.

• Units transferred out + Equivalent units in ending work in process inventory + Equivalent units in beginning work in process inventory.

• Units started and completed during the period + Equivalent units in the ending work in process inventory.

• Units completed during the period and transferred out.

The equivalent units in beginning work in process inventory plus the equivalent units in ending work in process inventory equals the units transferred out plus the equivalent units for the work done during the period.

True or False

TrueFals

Item 3

Item 3

In process costing, the equivalent units computed for materials is generally the same as that computed for conversion costs.

True or False