Someone famous stated this but i don’t know who.
it was something like
whatever i have in my bank account right now, i can only spend 10% of it on something
say i want to buy a house. i will only spend %10 of my total bank balance
<span> c) Samuel Morse becasue he the only person
</span>
Answer:
b. equivalent units of output.
Explanation:
In the production process there are various kind of inventory, that is raw material inventory, work in process and then the finished inventory.
Thus, there is this equivalent units concepts which calculates the completed units that would have been produced in case of no work in process.
Thus, when we use FIFO method and we want to calculate the unit cost of materials assuming inventory of raw material is also added in stages rather than completely adding it as a first step itself, the correct equation = Total cost of materials/equivalent units of output.
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