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38 Cards in this Set
- Front
- Back
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Direct materials and direct labor are both? |
manufactoring cost |
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Both job-order costing and process costing provides a mechanism to complete unit_____ cost. |
Product cost. Both job order and process costing look for product cost. |
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The difference between Job order and process costing is pocess costing: |
accumulates cost by department and is used for indistinguishable products. |
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Job-order costing... |
assigns materials, labor and overhead cost to specific custom orders |
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cost flow for process costing system |
1. Raw Materials 2. Work in Progress 3. Finished Goods 4. COGS |
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when a customers order is filled and units are sold there is a ______ (credit/debit) to finished goods adn a ______ to COGS. |
Credit Debit |
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Formula for cost per equivilent unit using Weighted average method |
Cost of Beg WIP invetory + Cost added to period)/ Equivientl units of production |
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Ways to compute the equivient units of production? |
Weighted-average method FIFO |
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When production is complete units are transfered to the _______ account? |
Finished goods |
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Homogenous products us the _____ Costing? |
Process Process=same |
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When transfering complete units to finished goods what is the journal entry? |
Finished good WIP You credit WIP because you are taking it out of WIP |
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Journal entry to record labor cost in the first department would be to _______ wages payable and _____ wip dep#1 |
Credit Debit |
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Job cost sheets are used in the _____ costing. |
Job order |
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Process Costing has a seperate WIP account |
True |
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Both process cost and job order costing assign______ cost |
Materials Man OH Labor |
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number of partially complete units X % completion = |
equivalent units |
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In PC what can be added to any department? |
Materials, labor, overhead |
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DL plus MOH equals_____ |
conversion cost |
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Ending WIP 500 units 34% what is the equivent units |
170 |
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Similarities between JO costing and PC include |
flow of cost through manufactoring accounts basis purpose to assign and compute product cost man accunts used |
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To get W-A method |
make sure you add begining finished goods |
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Difference between J-O and PC |
PC accumulates cost by department and is used for indistingusable products |
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When using PC a seperate____ account is created |
WIP |
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When PC materials labor and OH can be added |
anytime in any department |
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____________ cost are applied to the amount of allocation base incurred in each department. |
Man OH |
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Conversion cost are? |
DL plus Man OH |
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Processing department? |
Where work is performed on products, and materials, labor, and OH cost are added |
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Conversion cost |
DL plus Man OH |
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What can only be done during the current period? |
Fifo |
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Cost per Equivilent unit is computed by |
Material cost + labor |
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W-A method includes cost for |
prior and current periods |
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remember units heading out are |
transfered out and vise versa for units coming in |
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When figuring out cost per Equivilent unit you |
add both material cost and divide by |
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Cost per equivilent unit are to value |
ending inventory and units transfered out |
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level of activity within which vairable and FC assumptions are valid |
Relevant range |
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Contribution margin |
Sales revenue minus variable cost |
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mixed cost are known as |
semi variable cost |
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Man OH can include |
cleaning supplies, taxes, insuraces, janitor wages |
