A firm is evaluating two mutually exclusive projects that have unequal lives.The firm must evaluate the projects using the annualized net present value approach and recommend which project they should select.The firm's cost of capital has been determined to be 14 percent,and the projects have the following initial investments and cash flows: 
Definitions:
Cost Per Equivalent Unit
A measure in process costing that calculates the cost assigned to a unit, considering the stage of completion.
Processing Department
A division within a manufacturing facility where a specific type of process or a stage of production is carried out.
Work In Process Inventory
Goods that are in the production process but are not yet completed.
Cost System
The method used by a company to account for and allocate its costs.
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