An organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product.
Processing department
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15
A process costing method that calculates unit costs by combining costs and outputs from the current and prior periods.
Weighted-average method
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15
A process costing method that calculates unit costs based solely on the costs and outputs from the current period.
FIFO method
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heart
Other team wins 20 points!
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star
Double points!
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gift
Win 25 points!
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baam
Lose 20 points!
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15
A costing method used when homogeneous products are produced on a continuous basis.
Process costing
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lifesaver
Give 10 points!
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gold
Win 50 points!
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gift
Win 10 points!
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banana
Go to last place!
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15
The units transferred to the next department (or to finished goods) during the period plus the equivalent units in the departmentโs ending work in process inventory.
Equivalent units of production (weighted-average method)
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15
The product of the # of partially completed units and their % of completion with respect to a particular cost. ___ are the # of complete whole units that could be obtained from the materials and effort contained in partially completed units
Equivalent units
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15
Direct labor cost plus manufacturing overhead cost.
Conversion cost
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15
A hybrid costing system used when products have some common characteristics and some individual characteristics.