Questions:
• When materials are purchased in a process costing system, a work in process account is debited with the cost of the materials.
• Any difference in the equivalent units calculated under the weighted-average and the FIFO methods is due to the units in the ending work in process inventory.
• The equivalent units in beginning work in process inventory plus the equivalent units for the work done during the period equals the units transferred out plus the equivalent units in ending work in process inventory.
• There is no difference in the unit costs computed under the weighted-average and FIFO methods of process costing if there are no beginning work in process inventories.