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11 Cards in this Set
- Front
- Back
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the combined total costs of direct labor and overhead
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conversion costs
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job contracts that require the customer to pay all costs incurred in performing the job plus a predetermined amount of profit
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cost-plus contracts
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a measure that applies a percentage-of-completion factor to partially completed units to compute the equivalent number of whole units produced in an accounting period for each type of input
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equivalent production
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a process costing method in which the cost flow follows the actual flow of production, so that the costs assigned to the first products processed are the first costs transferred out when those products flow to the next process, department, or work cell
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FIFO costing method
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a customer order for a specific number of specifically designed, made-to-order products
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job order
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a document on which all costs incurred in the production of a particular job order are recorded, part of the subsidiary ledger for the Work in Process Inventory account
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job order cost card
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a product costing system that traces the costs of direct materials, direct labor, and overhead to a specific batch of products or a specific job order; used by companies that make unique or special-order products
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job order costing system
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a product costing system that traces that costs of direct materials, direct labor, and overhead to processes, departments, or work cells and then assigns the costs to the products manufactured by those processes, departments, or work cells; used by companies that produce large amounts of similar products or liquid products or that have long, continuous production runs of identical products
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process costing system
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a report that managers use to track and analyze costs in a process costing system
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process cost report
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the combined total costs of direct labor and overhead
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processing costs
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a set of procedures used to account for an organization's product costs and to provide timely and accurate unit cost information for pricing, cost planning and control, inventory valuation, and financial statement preparation
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product costing system
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