The Three Financial Statements in Which Net Income Can Be

question 79

Short Answer

The three financial statements in which net income can be found are the ____________________, the ____________________ and the ____________________.

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Definitions:

Materials Preparation Department

A division within a company responsible for preparing raw materials for production.

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the weighted average of all units available for sale during the period.

Equivalent Units of Production

A concept used in cost accounting to standardize the quantity of output by converting unfinished products into their equivalent of finished goods.

Cost Per Equivalent Unit

A calculation used in process costing that measures the cost of producing a single unit, accounting for partially completed units.