Which of the following statements is true? O Each unit uses approximately the same amount of resources in a process-costing system. O Overhead is allocated to all units equally in a job-costing system. Individual jobs use different quantities of production resources in a process-costing system. Average production costs are calculated for all units produced under a job-costing system QUESTION: Why do we calculate equivalent-units? convert completed units into the amount of partially completed output units that could be made with that quantity of Input O predict production capabilities of the organization satisfy the GAAP requirements which requires all partially completed goods to be reported as equivalent-units use a common measure to estimate the amount of work done on units in a period QUESTION: Which of the following statements is true of joint production process and its components? Decisions relating to the sale or further processing of each identifiable product can be made independently of decisions about the other products beyond the split-off point. When a joint production process yields two or more products with low total sales values relative to the total sales values of other products, those products are called Joint products. The primary purpose of joint costing is to allocate the separable costs to the individual products that are eventually sold. Distribution costs incurred beyond the split-ott point assignable to each of the specific products identified at the split- off point are considered as joint costs