What is meant by ‘equivalent units?’ Discuss its importance in valuing work-in-process. Explain normal and abnormal wastage and state how they should be dealt with in process cost accounts. Under what...

What is meant by ‘equivalent units?’ Discuss its importance in valuing work-in-process. Explain normal and abnormal wastage and state how they should be dealt with in process cost accounts. Under what circumstances are identical results obtained under weighted average and FIFO process costing?