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12 Cards in this Set
- Front
- Back
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Batch Production Process |
A process that produces batches of different products that are identical in many ways but differ in others |
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Cost reconciliation |
Determining whether the costs assigned to units transferred out and to units in EWIP are equal to the cost in BWIP + the manufacturing cost incurred in current period |
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Equivalent units of output |
The complete units that could have been produced given the total amount of productive effort expended for the period under consideration |
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FIFO costing method |
A unit – costing method that excludes prior period work in costs in computing current period unit work and costs |
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Operation costing |
A costing-system that uses job-order costing to assign materials costs and process costing to assign conversion costs |
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Physical flow schedule |
A schedule that accounts for all units flowing through a department during a period |
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Process |
A series of activities or operations that are linked to perform a specific objective |
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Process-costing principle |
The period’s unit cost is computed by dividing the costs of the period by the output of the period |
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Production report |
A report that summarizes the manufacturing activity for a department during a period and discloses physical flow, equivalent units, total costs to account for, unit cost computation, and cost assigned to goods transferred out and two units in ending work in process |
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Transferred-in cost |
The cost of goods transferred in from a prior process |
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Weighted average costing method |
A unit costing method that merges prior period work and costs with current-period work and costs |
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Work orders |
Used to collect production costs for product batches and to initiate production |
