1. Define 'equivalent units' and explain their role in process costing
2. Explain in detail the Weighted Average Method of Costing
3. Explain in detail the FIFO Method of Accounting
4. Explain the differences between the weighted average method & the FIFO method of accounting for process costs.
5. Explain in detail what a Department Production report is? Explain how to prepare a departmental production report using the weighted average method.
6. Explain how non uniform inputs & multiple processing departments affect process costing
7. First-In First-Out Costing
8. Explain the impact of Work-In Process inventories on Process Costing.
9. Explain in detail the characteristics of Process Manufacturing