ECONOMICS

Detailed explanation-1: -Sequential processing requires two or more sequential processes to produce a finished good.

Detailed explanation-2: -You can calculate equivalent units of production using the weighted average method or the first-in first-out method.

Detailed explanation-3: -units started and completed during the current period and beginning work-in-process units. The two categories of completed units needed in the first-in-first-out (FIFO) method are: a debit to Work in Process-Assembling and a credit to Materials.

Detailed explanation-4: -Process costing is a costing method or an operational type of costing in which a manufacturer tracks the cost of production of a sequence of continuous or repetitive processes required to produce a product.

Detailed explanation-5: -Parallel processing requires that units pass through one process before they can be worked on in the next process.