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Chapter 4 Key Terms
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- 1Conversion CostDirect labor cost plus manufacturing overhead cost
- 2Equivalent UnitsThe product of the number of partially completed units and their percentage of completion with respect toa particular cost. Equivalent units are the number of complete whole units that could be obtained from the materials and effort contained in partially completed units.
- 3Equivalent units of production (weighted-average method)The units transferred to the next department (or to finished goods) during the period plus the equivalent units in the department's ending work in process inventory.
- 4FIFO methodA process costing method that calculates unit costs based solely on the costs and outputs from the current period.
- 5Operation costingA hybrid costing system used when products have some common characteristics and some individual characteristics.
- 6Process costingA costing method used when homogeneous products are produced on a continuous basis.
- 7Processing departmentAn organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product.
- 8Weighted-average methodA process costing method that calculates unit costs by combing costs and outputs from the current and prior periods.
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- Fichas sobre Chapter 4 Key Terms, creado por Miranda Branek el 16/09/2020.
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- Miranda Branek
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