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6 Cards in this Set
- Front
- Back
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Job Costing
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Trace cost to individual units
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Process Costing
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average cost over units. identical units and production steps used
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Equivalent Units
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Number of complete physical units which units in inventory are equal to
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Average Completion
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average of partial units
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Equivalent Units produced
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Number of units x Average Completion
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Product Costing steps
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1) Measure physical flow of resources 2) Compute equivalent units of production 3) Identify product cost for accts 4) Compute Cost per Equivalent Units 5) assign product cost to batch of work
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