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Ranking assets from most liquid to least liquid,the correct order is
Process Costing System
An accounting method used for homogeneous products, allocating costs to units of product based on the processes they undergo.
Equivalent Unit
A measure used in process costing that converts partially completed units into a smaller number of fully completed units.
Conversion Costs
The combined cost of direct labor and manufacturing overheads involved in converting raw materials into finished goods.
Weighted-Average Cost Method
A costing method that assigns the cost of inventory based on the average cost of all similar items in the inventory, regardless of when they were purchased.
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