Which of the following statements is TRUE

a) Equivalent units of production represent the number of units that could have been started and completed given the costs incurred during the period. b) Equivalent units of production are always the same as the total number of physical units finished during the period. c)Equivalent units of production for direct materials and direct labor are always the same. d)Equivalent units of production are typically used in a job order costing system. In which of these cases would process costing NOT be used?

a) Production of custom orders. b) Production of large quantities of identical products. c) Production of goods with low product flexibility d)Production requires a series of repetitive processes, or steps, resulting in a noncustomized product or service. If the overhead applied to jobs during a period exceeds the overhead incurred during the period, the difference is known as:

a) estimated overhead. b) underapplied overhead. c) overapplied overhead. d) predetermined overhead.