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11 Cards in this Set
- Front
- Back
Conversion Cost
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Direct labor cost plus manufactuing overhead cost
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Csot reconciliation
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the part of a department's production report that shows th cost to be accoutn for during a period and how those costs are accoutned for
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Equivalent units
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the product of the number of partially complete units and thier percentatge of completion with respent toa particular cost
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Equivalent units of production (weighted average method)
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THe units transferred to the next department during th eperiod plus the equivalent units int he dept's ending worik in process inventory
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FIFO method
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a method of accountinng for cost flows in a process costing system in which eqiuivalent units and unit costs relat only to work don eduring the current period
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process costing
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a costing method used when essentially homogeneoud products are produces on a continuous basis
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procesisng dept
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an organizational unit where work is performed on a product and where materials labor and OH costs are added to the product
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production report
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a report that summarizes all activity in a depts work in process accoutn during a period and that contains three parts: a quantity schedule and a computation of equvalent units, a compuatation of total and unit costs, and a cost recnocialiation
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quantity shedule
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the part of a production report that shows th flow of units through a dept during a period and a computation of equivalent units
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transferred-in cost
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the cost attached to products that have been recieve from prior processing dept
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weighted average method
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a method of process costing that blends together units and costs from both the current and prior periods.
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