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8 Cards in this Set
- Front
- Back
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Conversion Cost
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Direct labor cost plus manufacturing overhead cost.
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Equivalent Units
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The product of the number of partially completed units and their precentage of completion with respect to a particular cost.
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Equivalent Units of Production
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The units transferred to the next department(or to finished goods) during the period plus the equivalent units in the department's ending work in process inventory.
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FIFO Method
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A process costing method in which equivalent units and unit costs relate only to work done during the current period.
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Operation Costing
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A hybrid costing system used when products have some common characteristics and some individual characteristics.
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Process Costing
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A costing method used when essentially homogeneous products are produced on a continuous basis.
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Processing department
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An organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product.
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Weighted-Average Method
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A process costing method that blends together units and costs from both the current and prior periods.
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