What is meant by term equivalent units of production, Cost Accounting

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What is meant by term equivalent units of production

Response to the following questions:

1. What is the major difference between job order costing and process costing?

2. What two conditions generally exist for process costing to be appropriate?

3. What are the five steps involved in employing process costing?

4. What is meant by the term "equivalent units of production"?

If possible, please give examples to better understand your answers.

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Cost Accounting: What is meant by term equivalent units of production

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Cost Accounting: What is meant by term equivalent units of production

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