Accounting

Click to watch the Tell Me More Appendix video and then answer the questions below.

1.  Under the __________ method, all production costs (materials and conversion costs) are combined together for determining equivalent units and cost per equivalent unit.

1. FIFO
2. LIFO
3. average cost
4. job order cost

2.  The cost per equivalent unit is determined by dividing the __________ by the __________.

1. total production costs; total equivalent units of production
2. total equivalent units of production; total production costs
3. goods available for sale in dollars; goods available for sale in units
4. None of these choices are correct.