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### 18 Cards in this Set

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 the main difference between process costing and job costing is the extent of averaging used to compute unit costs of products or services process costing systems separate costs into cost categories according to when costs are introduced into the process what are the five steps of process costing 1. Summarize the physical flow of units of output. (quantity report) 2. Compute output in terms of equivalent units. 3. Summarize Costs to be accounted for. 4. Calculate cost per equivalent unit. 5. Prepare a schedule of Costs Accounted For. How do you compute the weighted average equivalent units Step 2 – Compute equivalent units. TO X 100% + EB X % Completed = Equivalent Units. What are the weighted average costs to be accounted for? Costs in the Beginning Work in Process Current period manufacturing costs (CPMC). What is the weighted average cost per equivalent unit? Compute the cost per Equivalent Unit (E.U.) Beg WIP Costs + CPMC/ Total Equivalent Units How do you Prepare a schedule of Costs Accounted For using the weighted average mehtod? Costs Transferred out = E.U. Transferred Out X Cost per E.U. Costs in Ending WIP = E.U. in Ending WIP X Cost per E.U. What does TO equal in Weighted average method Units finished during this period What does TO equal to in FIFO method? Beginning Work in Process +Units Started and Completed How do you calculate equivalent units in FIFO method Compute equivalent units E.U.) Beg WIP X % to be completed + Units Started and Completed X 100% + End WIP X % completed Wgat are the costs to be accounted for in the FIFO method? Costs in the Beginning Work in Process Current period manufacturing costs (CPMC). How do you figure the costs per equivalent unit through the fifo method Step 4: Calculate the Cost per E.U. *Total Current Period Manufacturing Costs/Total Equivalent Units How do you prepare a schedule of costs accounted for for the FIFO method? Prepare a schedule of Costs Accounted For Layers of Costs T.O.: Beg WIP costs from prior period Current Period costs T.O: E.U. to finish Beg WIP X Cost per E.U. E.U. Started and Finished X Cost per E.U. How do you calculate the costs in ending WIP for FIFO Costs in Ending WIP: E.U. in Ending WIP X Cost per E.U. What are units to account for under FIFO Beg WIP + Units started What are units to be accounted for under FIFO Beg WIP + Started and Completed + Ending WIP What are TO units under FIFO Beg Wip + started and completed What is started and completed units under FIFO TO - Beg WIP