____________ Concepts Are Defined by the Presence of One Common

question 35

Short Answer

____________ concepts are defined by the presence of one common characteristic,or another one,or both.

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Definitions:

Weighted-Average Method

An inventory costing method that assigns a weighted average cost to each unit in inventory, calculated after each inventory purchase.

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, expressed in terms of fully completed units.

Equivalent Units

A concept used in cost accounting to denote the amount of completed units that could have been produced given the total amount of direct materials and labor consumed.