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Conversion Cost
= Direct Labor + MOH cost p155
Equivelent Units
The prodect of the number partially completed units and their percentage of completion with respect to a particular cost. Equivelent units are the number of complete whole units that could be obtained from the materials and effort contained in partially completed units. p155
Equivelent units of production (weighted-average method)
The unnits transfered to the next department (or to finished goods) during the period + the equivelent units in the department's ending WIP inventory. p155
FIFO method
A process costing method in which equivelent units and unit costs relate only to work done in the current period. p155
Operation Costing
A hybrid costing system udes when products have some common characteristics and some individual characteristics. p159