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5 Cards in this Set
- Front
- Back
Conversion Cost
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= Direct Labor + MOH cost p155
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Equivelent Units
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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
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Equivelent units of production (weighted-average method)
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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
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FIFO method
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A process costing method in which equivelent units and unit costs relate only to work done in the current period. p155
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Operation Costing
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A hybrid costing system udes when products have some common characteristics and some individual characteristics. p159
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