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9 Cards in this Set
- Front
- Back
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batch manufacturing
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High-Volume production of several product lines that differ in some important ways but are nearly identical in others
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departmental production report
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the key document in a process-costing system. This report summarized the physical flow of units, equivalent units of production, cost per equivalent unit, and analysis of total departmental costs.
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equivalent units (EU)
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a measure of the amount of production effort applied to a physical unit of production. For example, a physical unit that is 50% completed represents one-half of an equivalent unit
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hybrid product-costing system
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a system that incorporates features from two or more alternative product-costing systems, such as job-order and process-costing
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operation costing
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a hybrid or job-order and process costing. Direct material is accumulated by batch of products using job-order costing mehtods. Conversion costs are accumulated by department and assigned to product units by process-costing methods.
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process-costing system
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the process of accumulating the costs of a production process and assigning them to the products that constitute the organization's output.
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repetitive production
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the manufacture of large numbers of identical or very similar products in a continuous flow
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transferred-in costs
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costs assigned to partially completed products that are transferred into one production department from a prior department.
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weighte-average method
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a method of process costing in which the cost assigned to beginning work-in-process inventoy is added to the current-period production costs. The cost per equivalent unit calculated under this process-costing method is a weighted average of the costs in the beginning work in process and the costs of the current period
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