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Chap 4 Terms - Flashcards

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Class:ACTG 212 - Fundamentals of Managerial Accounting
Subject:Accounting
University:Radford University
Term:Fall 2009
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Conversion Cost DL cost plus MOH cost.
Equivalent Units The product of the # of partially completed units and their percentage of completion with respect to particular cost. Is the # of complete whole units one could obtain fro the materials and effort contained in partially completed units.
Equivalent Units of Production (Weighted average method) Units transfered to the next department (or to finished goods) during the period plus the equivalent units in the depts ending WIP Inventory.
FIFO Method Method of ACCT for cost flows in a process costing system in which equivalent units and unit costs relate only to work done during the current period.
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Process Costing Method used when essentially homogeneous products are produced on a continuous basis.
Transfered-in Cost The cost atached to products that have been received from a prior processing dept.
Weighted Average Method Cost method that blends together units and costs from both current and prior periods.
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 Conversion CostDL cost plus MOH cost.
 Equivalent UnitsThe product of the # of partially completed units and their percentage of completion with respect to particular cost. Is the # of complete whole units one could obtain fro the materials and effort contained in partially completed units.
 Equivalent Units of Production (Weighted average method)Units transfered to the next department (or to finished goods) during the period plus the equivalent units in the depts ending WIP Inventory.
 FIFO MethodMethod of ACCT for cost flows in a process costing system in which equivalent units and unit costs relate only to work done during the current period.
 Process CostingMethod used when essentially homogeneous products are produced on a continuous basis.
 Transfered-in CostThe cost atached to products that have been received from a prior processing dept.
 Weighted Average MethodCost method that blends together units and costs from both current and prior periods.
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