Conversion cost is composed of $\_\_\_\_\_\_\_.$

multiple choice $1$

direct labor cost and manufacturing overhead cost

direct material cost and manufacturing overhead cost

all costs included in ending inventory

manufacturing overhead

Knowledge Check Question $02$:

Equivalent units is computed using which of the following formulas?

multiple choice $2$

Equivalent units $=$ Number of completed units x Percentage completion

Equivalent units $=$ Number of partially completed units x Percentage completion

Equivalent units $=$ Number of completed units x $(100\%-$ Percentage completion$)$

Equivalent units $=$ Number of partially completed units x $(100\%-$: Percentage completion$)$