Question: In the context of process costing, explain: (i)The concept of equivalent units; (ii)The concept and accounting treatment of normal losses without scrap value(iii)The accounting treatment

In the context of process costing, explain:

(i)The concept of equivalent units;

(ii)The concept and accounting treatment of normal losses without scrap value(iii)The accounting treatment of normal losses with scrap value

(iv)The concept and accounting treatment of abnormal losses with scrap value.

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