A key idea in process costing that refers to the number of units that could have been started and completed given the costs incurred during the period is known as:
A) Equivalent units of production.
B) Process cost summary.
C) A job cost sheet.
D) Manufacturing overhead.
E) Units in process.

Question

Quizplus · Accepted Answer

Equivalent units of production refer to the number of units that could have been started and completed given the costs incurred during the period. This method is used in process costing to calculate the cost per equivalent unit of production, which is then used to determine the total cost of goods completed and transferred out of a production process.

A Key Idea in Process Costing That Refers to the Number