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11 Cards in this Set

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Conversion Cost
Direct labor cost plus manufactuing overhead cost
Csot reconciliation
the part of a department's production report that shows th cost to be accoutn for during a period and how those costs are accoutned for
Equivalent units
the product of the number of partially complete units and thier percentatge of completion with respent toa particular cost
Equivalent units of production (weighted average method)
THe units transferred to the next department during th eperiod plus the equivalent units int he dept's ending worik in process inventory
FIFO method
a method of accountinng for cost flows in a process costing system in which eqiuivalent units and unit costs relat only to work don eduring the current period
process costing
a costing method used when essentially homogeneoud products are produces on a continuous basis
procesisng dept
an organizational unit where work is performed on a product and where materials labor and OH costs are added to the product
production report
a report that summarizes all activity in a depts work in process accoutn during a period and that contains three parts: a quantity schedule and a computation of equvalent units, a compuatation of total and unit costs, and a cost recnocialiation
quantity shedule
the part of a production report that shows th flow of units through a dept during a period and a computation of equivalent units
transferred-in cost
the cost attached to products that have been recieve from prior processing dept
weighted average method
a method of process costing that blends together units and costs from both the current and prior periods.