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14 Cards in this Set
- Front
- Back
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Each end product is unique (construction/shipbuilding/plumbing)
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Job-order costing
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Used to assign cost to inventoriable goods or services. (homogeneous products)
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Process cost
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Number of complete goods that could have been produced using inputs consumed during the period
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Equivalent units of production (EUP)
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Weighted average method calculating EUP
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Beginning WIP - treated as if they were started & completed during current period (not included in EUP calculation)
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FIFO method when calculating EUP
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Beginning WIP are part of EUP
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Indirect cost are attached to activities that are rationally allocated to end products
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Activity-Based Costing
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3 methods of service department allocation
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1. Direct method
2. Step or step down 3. Reciprocal method |
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Foundation of any performance evaluation system based on standard cost
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Variance Analysis
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Price Variance formula
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Actual Quantity * (Standard Price- Actual Price)
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Efficiency Variance
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Standard Price * (Standard Quantity - Actual Quantity)
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Overhead allocation rate
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Est. total overhead cost/
Est. total units of allocation base |
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Allocates cost directly to production departments - only production units
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Direct Method
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Allocates some service departments' cost to each other
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Step method
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Allocates services that all service departments render to each other
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Reciprocal method
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