Question1

Analyse the below questions based on equivalent units concept:

a)Suppose you have a work-study job in the office of your college's president, and she asks you to compute the cost of instruction per full-time equivalent student at your college. The college's vice president for finance provides the following information.

Costs:

Total cost of instruction$9,000,000

Student population:

Full-time students900

Part-time students1,000

Part-time students take 60% of the classes of a full-time student during the year.

b)The Mixing Department's output during the period consists of 20,000 units completed and transferred out, and 5,000 units in ending work in process 60% complete to materials and conversions costs.Beginning inventory is 1,000 units, 40% complete to materials and conversion costs.Calculate the equivalent units of production.

Question 2

b)Illustrate the basic difference between Management & Financial Accounting.