Explain in simple terms the notion of equivalent units, Accounting Basics

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Explain in simple terms the notion of equivalent units

Questions:

1. Are the journal entries that match cost flows to product flows in process costing primarily the same or much different than those in job order costing? Explain.

2. Explain in simple terms the notion of equivalent units of production (EUP). Why is it necessary to use EUP in process costing?

3. What are the two main inventory methods used in process costing? What are the differences between these methods?

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Accounting Basics: Explain in simple terms the notion of equivalent units

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Accounting Basics: Explain in simple terms the notion of equivalent units

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