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After reading this chapter, you should be able to:

  LO 1   Explain the concept and purpose of equivalent units.

  LO 2   Assign costs to products using a five-step process.

  LO 3   Assign costs to products using weighted-average costing.

  LO 4   Prepare and analyze a production cost report.

  LO 5   Assign costs to products using first-in, first-out (FIFO) costing.

  LO 6   Analyze the accounting choice between FIFO and weighted-average costing.

  LO 7   Know when to use process or job costing.

  LO 8   Compare and contrast operation costing with job costing and process costing.