Identify Three Specific Measures That Indicate How Well Assets Are

question 152

Essay

Identify three specific measures that indicate how well assets are utilized. What are the formulas for each measure?

Understand and apply FIFO and weighted-average methods of inventory costing.

Calculate equivalent units for direct materials, direct labor, and overhead.

Compute total and equivalent unit costs for completed and in-process goods.

Describe the flow of overhead, materials, and labor costs in a process cost accounting system.