Accounting 203 Chapter 4 Process Costing

  1. Processing Department
    An organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product
  2. 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
  3. Weighted-Average Method
    A process costing method that blends together units and costs from both the current and prior periods.
  4. Equivalent units of production
    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
  5. Conversion Cost
    Direct Labor + Manufacturing overhead
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davecowman
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Accounting 203 Chapter 4 Process Costing
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Chapter 4 Process Costing
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