Question: Objective 1 What is Process Costing? Objective 2 Calculate Equivalent Units and Related Costs Q1 An intuitive example You are making cupcakes to sell on

Objective 1 What is Process Costing? Objective 2 Calculate Equivalent Units and Related Costs Q1 An intuitive example You are making cupcakes to sell on campus for a charity event. You planned to spend three nights to make 200 cupcakes and sell them during the day. Here is the information you gathered on Day 1. Facts: Question: You started to take the 40 finished cupcakes to sell on Day 2 - what is the cost of each cupcake? How do you determine the price? (Hint How many units did you really finish? Is it 40 cupcakes, or?)

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