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6 Cards in this Set
- Front
- Back
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Average costing method
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A process costing method that assigns an average cost to all products made during an accounting period.
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Conversion costs
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The combined costs of direct labor and overhead. Also called processing costs.
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Equivalent production
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A measure that applies a percentage-of-completion factor to partially completed units to compute the equivalent number of whole units produced during a period for each type of input. Also called equivalent units.
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FIFO costing method
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A process costing method in which the cost flow follows the actual flow of production, so that the costs assigned to the first products processed are the first costs transferred out when those products flow the next process, department, or work cell.
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Process costing system
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A product costing system that traces the costs of direct materials, direct labor, and overhead to processes, departments, or work cells and then assigns the costs to the products manufactured by those processes, deparments, or work cells; used by companies that produce large amounts of similar products or liquid products or that have long, continuous production runs of identical products.
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Process cost report
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A report that managers use to track and analyze costs in a process costing system.
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