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26 Cards in this Set
- Front
- Back
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What is the direct labor cost plus manufacturing overhead cost?
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Conversion cost
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What is the manufacturing costs associated with the goods that were finished during the period?
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Cost Of Goods Manufactured
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What is a cost that can be easily and conveniently traced to a specified cost object?
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Direct Cost
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What are factory labor costs that can be easily traced to individual units of product. Also called touch labor?
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Direct Labor
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What are materials that become an integral part of a finished product and whose costs can be conveniently traced to it?
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Direct Materials
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What are units of product that have been completed but not yet sold to customers?
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Finished Goods
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What is a cost that remains constant, in total, regardless of changes in the level of activity within the relevant range. If this is expressed on a per unit basis, it varies inversely with the level of activity?
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Fixed cost
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What is a cost that cannot be easily and conveniently traced to a specified cost object?
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Indirect Cost
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What are the labor costs of janitors, supervisors, materials handlers, and other factory workers that cannot be conveniently traced to particular products?
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Indirect Labor
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What are small items of material such as glue and nails that may be an integral part of a finished product, but whose costs cannot be easily or conveniently traced to it?
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Indirect Materials
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What are all manufacturing costs except direct materials and direct labor?
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Manufacturing Overhead
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What are costs that are taken directly to the income statement as expenses in the period in which they are incurred or accrued? Selling and Administrative Expenses
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Period Costs
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What is direct materials cost plus direct labor cost?
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Prime Cost
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What are all costs that are involved in acquiring or making a product. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead?
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Product Costs
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What are any materials that go into the final product?
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Raw Materials
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What is a schedule showing the direct materials, direct labor, and manufacturing overhead costs incurred during a period and the portion of those costs that are assigned to Work in Process and Finished Goods?
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Schedule of Cost of Goods Manufactured
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What is a cost that has already been incurred and that cannot be changed by any decision made now or in the future?
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Sunk Cost
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What is a cost that varies, in total, in direct proportion to changes in the level of activity. A variable cost is constant per unit?
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Variable Cost
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What is units of product that are only partially complete?
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Work In Process
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What is a costing method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a product?
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Absorption Costing
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What is a costing system used in situations where many different products, jobs, or services are produced each period?
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Job-order costing system
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What is a credit balance in the manufacturing overhead account that occurs when the amount of overhead cost applied to Work in Process exceeds the amount of overhead cost actually incurred during a period?
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Overapplied Overhead
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What is the process of charging manufacturing overhead cost to job cost sheets and to the work in process account?
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Overhead Application
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What is a rate to charge manufacturing overhead cost to jobs that is established in advance for each period. It is computed by dividing the estimated total manufacturing overhead cost for the period by the estimated total amount of the allocation base for the period?
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Predetermined Overhead Rate
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What is a costing system used in situations where a single, homogenous product (such as cement or flour) is produced for long periods of time?
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Process Costing System
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What is a debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost actually incurred exceeds the amount of overhead cost applied to Work in Process during a period?
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Underapplied Overhead
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