Questions:
1. What are the three cost categories incurred by both job order and process operations?
2. How many Goods in Process Inventory accounts are needed in a process cost system?
3. Equivalent units are (a) a measure of a production department's productivity in using direct materials, direct labor, or overhead; (b) units of a product produced by a foreign competitor that are similar to units produced by a domestic company; or (c) generic units of a product similar to brand name units of a product.