1.The correct answers are: (i), (ii), (iii)
Absorption costing and marginal costing will give rise to the same profits if inventory levels do not change, ie, when opening and closing inventory volumes are the same, when no inventory is held as opening inventory and no inventory is held as closing inventory and when inventory levels are constant.
2.The correct answer is ： Notional whole units which represent incomplete work
Notional whole units which represent incomplete work. A unit of output in relation to which costs may be ascertained describes a cost unit. The quantity of work achievable in one hour at standard levels of performance describes a standard hour.
A unit of output which is identical to others previously manufactured in the same process is incorrect because all completed units in process costing are identical.
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