Examlex
__________ simplify and summarize information about the world so that it is manageable.
Equivalent Units
A concept used in cost accounting to indicate a quantity of finished goods that could have been produced given the amount of resources actually consumed during a period.
Managerial Accounting
The process of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of an organization's goals.
Weighted Average Method
A costing method used to determine the average cost of inventory by weighting the cost of goods available for sale by the total units available.
Equivalent Units
A concept used in cost accounting to denote the amount of finished goods units that could have been produced given the total amount of direct materials, labor, and overhead costs incurred.
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