Ch 3 - Process Costing and Analysis Flashcards Preview

Managerial Accounting > Ch 3 - Process Costing and Analysis > Flashcards

Flashcards in Ch 3 - Process Costing and Analysis Deck (8)
Loading flashcards...
1
Q

conversion costs per equivalent unit

A

combined costs of direct labor and factory OH per equivalent unit

2
Q

cost of goods manufactured

A

total manufacturing costs (dir mats, dir labor, fact OH) for period plus beginning GIP less ending GIP;
aka: net cost of goods manufacture and cost of goods completed

3
Q

Equivalent Units of Production (EUP)

A

number of units that would be completed if all effort in period had been applied to units that were started and finished

4
Q

job order cost accounting system

A

cost accounting system to determine cost of producing each job or job lot

5
Q

materials consumption report

A

doc that summarizes mats dept uses during reporting period,

replaces materials requisitions

6
Q

process accounting system

A

system of assigning direct materials, direct labor, overhead to specific processes;
total costs associated w/each process then divided by number of units passing through that process to determine the cost per equivalent unit

7
Q

process cost summary

A

report of costs charged to dept, its equivalent units of production achieved, costs assigned to its output

8
Q

process operations

A

processing of products in continuous/sequential flow of steps;
aka: process manufacturing, process production