Questions:
1. How are equivalent units of production, unit costs, and inventory values determined using the weighted average (WA) method of process costing?
2. How are equivalent units of production, unit costs, and inventory values determined using the first-in, first-out (FIFO) method of process costing?
3. How are transferred-in costs and units accounted for in a multidepartment production setting?
4. Why are equivalent units of production used in process costing?