Figure 2.4 Production Possibilities Frontier

question 3

Multiple Choice

Figure 2.4 Production Possibilities Frontier

-In Figure 2.4 one ton of wheat can be produced at a cost of

• A) one and two-thirds cars
• B) two and one-third cars
• C) three fifths of a car
• D) three sevenths of a car

Understand the differences between the weighted-average and FIFO methods in process costing.

Calculate the total cost to be accounted for in a process costing system.

Understand the concepts of process costing and the first-in, first-out (FIFO) method.

Calculate the cost per equivalent unit for conversion costs.