BUS 371 CH 4 KEY TERMS

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Flashcards on BUS 371 CH 4 KEY TERMS
Jamie Plym
Flashcards by Jamie Plym, updated more than 1 year ago
Jamie Plym
Created by Jamie Plym over 1 year ago
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Question Answer
Conversion cost Direct labor cost plus manufacturing overhead cost.
Equivalent units The product of the number of partially completed units and their percentage of completion with respect to a 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.
Equivalent 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.
FIFO method A process costing method that calculates unit costs based solely on the costs and outputs from the current period.
Operation costing A hybrid costing system used when products have some common characteristics and some individual characteristics.
Process costing A costing method used when homogeneous products are produced on a continuous basis.
Processing department An organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product.
Weighted-average method A process costing method that calculates unit costs by combining costs and outputs from the current and prior periods.
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