Chapter 6- Cost/Managerial accounting

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Process costing flashcards

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Continuous Loss any reduction in units that occurs uniformly throughout a production process
Cost of Production Report a process costing document that details all operating and cost information shows the computation of cost per equivalent unit and indicates cost assignment to goods produced during the period
Discrete Loss a reduction in units that occurs at a specific point in a production process
Equivalent Units of Production (EUP) an approximation of the number of whole units of output that could have been produced during a period from the actual effort expended during that period; used in process costing systems to assign costs to production
First- in, First- out Method (FIFO) (of process costing) the method of cost assignment that computes an average cost per equivalent unit of production for the current period; does not commingle the beginning inventory production and its cost with current period production and its cost
Hybrid Costing System a costing system combining characteristics of both job order and process costing systems
Method of Neglect the treatment of spoiled units in an equivalent units of production schedule as if those units did not occur; is used for continuous normal spoilage
Total Cost to Account for the sum of the costs in beginning inventory and the costs of the current period
Total Units to Account for The sum of the beginning inventory units and units stared during the current period
Transferred- in cost a prior department cost that is carried forward to a successor department to obtain full manufacturing or performance cost
Units Started and Completed The difference between the number of units completed for the period and the units in beginning inventory; can also be computed as the number of units started during the period minus the units in ending inventory
Weighted Average Method (WA) ( of process costing) the method of cost assignment that computes an average cost per Equivalent unit of production for all units completed during the current period; combines beginning inventory units and costs with current production and costs, respectively, to compute the average
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