Answer the following with explanation

Chapter 11 Average and FIFO Costing 335 MULTIPLE CHOICE -THEORIES order costing? 1. Which of the following characteristics applies in process costing but not to job a. Identifiable batches of production. b. Equivalent units of production C. Averaging process d. Use of standard cost 2, An equivalent unit of material or conversion cost is equal to a. The amount of material or conversion cost necessary to complete one unit of production. b. A unit of work in process inventory. C. The amount of material or conversion cost necessary to start a unit of production into work in process d. Fifty percent of the material or conversion cost of a unit of finished goods inventory