Managerial Accounting Chapter 4

Front 1

Conversion Cost

Back 1

Direct labor cost plus manufactuing overhead cost

Front 2

Csot reconciliation

Back 2

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

Front 3

Equivalent units

Back 3

the product of the number of partially complete units and thier percentatge of completion with respent toa particular cost

Front 4

Equivalent units of production (weighted average method)

Back 4

THe units transferred to the next department during th eperiod plus the equivalent units int he dept's ending worik in process inventory

Front 5

FIFO method

Back 5

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

Front 6

process costing

Back 6

a costing method used when essentially homogeneoud products are produces on a continuous basis

Front 7

procesisng dept

Back 7

an organizational unit where work is performed on a product and where materials labor and OH costs are added to the product

Front 8

production report

Back 8

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

Front 9

quantity shedule

Back 9

the part of a production report that shows th flow of units through a dept during a period and a computation of equivalent units

Front 10

transferred-in cost

Back 10

the cost attached to products that have been recieve from prior processing dept

Front 11

weighted average method

Back 11

a method of process costing that blends together units and costs from both the current and prior periods.