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Equivalent Units & the Weighted-Average Method Formula

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

An equivalent unit metric measures what type of inventory?

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1. Which method is the simplest method to assign costs to an equivalent unit of production?

2. Which of the following is a parameter used to calculate total equivalent units?

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About This Quiz & Worksheet

This series of short multiple-choice questions will test your knowledge of the equivalent units and weighted-average method. You will need to understand the concepts behind these methods including knowing vocabulary terms, noting differences in similar concepts, and deciding the appropriate method to use for different scenarios.

Quiz & Worksheet Goals

Our quiz will see how well you know:

  • The type of inventory an equivalent unit metric measures
  • Which method to use when assigning costs to an equivalent unit of production
  • Parameters when calculating total equivalent units
  • How to calculate per unit cost
  • The sections on the productions cost report

Skills Practiced

Here are some of the skills you will need to use on this quiz:

  • Reading comprehension- ensure that you draw the most important information from the related Equivalent Units & the Weighted-Average Method Formula lesson
  • Defining key concepts- ensure that you can accurately define main phrases, such as per unit cost and equivalent unit metric
  • Making connections- use understanding of the concept equivalent unit of production to make connections
  • Distinguishing differences - compare and contrast topics from the lesson, such as the appropriate times to use the equivalent units method and the weighted-average method

Additional Learning

You have the opportunity to learn more about the equivalent units method and the weighted-average method with our online lesson Equivalent Units & the Weighted-Average Method Formula. Whether you struggled with this quiz, are completely new to the topic, or you would just like to know more, this is a great resource for you. Our expert instructors will make equivalent units and the weighted-average method formula easy to understand. By the end of the lesson, you'll be able to:

  • Define ways in which companies calculate efficiency
  • Calculate cost per unit per production
  • Know the components of a productions cost report
  • Calculate equivalent units of production
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