Knowledge Check $01$

Conversion cost is composed of $q,$

direct labor cost and manufacturing overhead cost

direct material cost and manufacturing overhead cost

all costs included in ending inventory

manufacturing overhead

Knowledge Check $02$

Equivalent units is computed using which of the following formulas?

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

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

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

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