Chapter 4

The process of collecting information for reporting the costs related to producing products or services.

Materials that are of significant value in the cost of a finished product and that become an identifiable part of the product.

The salary of a factory worker who makes a product.

All expenses other than direct materials and direct labor that apply to making products.

Materials used in the completion of a product that are of insignificant value to justify accounting for seperately.

Salaries paid to factory workers who are not actually making products.

Cost accounting system in which materials, direct labor, and factory overhead are charged to a specific job, shop, or customer order.

Form used to summarize the direct materials, direct labor, and factory overhead for a specific manufacturing job.

Cost accounting system in which costs are accumulated by departments or production processes for products that are manufactured on a continuous basis.

The combined direct labor and applied factory overhead costs used in a process costing system.

The number of finished units represented by the total processing in a specific period.