The Two Methods Used to Determine Equivalent Units of Production

question 138

Multiple Choice

The two methods used to determine equivalent units of production in process costing are

• A)weighted average and FIFO
• B)FIFO and LIFO
• C)weighted average and LIFO
• D)weighted average and exact costing

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Definitions:

Journal Entry

A record in the books of account that represents a financial transaction.

Payroll Taxes Expense

Taxes that employers are required to pay based on the wages and salaries of their employees, such as Social Security and Medicare taxes.

FICA Tax

A U.S. federal payroll tax used to fund Social Security and Medicare, distributed between employees and employers.

FUTA Tax

A United States federal tax levied on employers to fund state workforce agencies and unemployment benefits.