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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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What are equivalent units? Why are they needed in a process-costing system?

To determine

Explain the term equivalent units and its need in process costing system.

Explanation

Equivalent Units:

The total units of finished goods along with those goods that are not fully complete are known as equivalent units of production or equivalent units. In other words, equivalent units of production measures both completed and nearly completed units.

Equivalent units are used to calculate the unit cost of process...

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