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    Chap 18 Flashcards

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    ELAC2
    The document defines key terms used in process costing, including conversion costs, equivalent units of production, production cost reports, transferred in costs, the weighted-average method, and the first-in, first-out (FIFO) method. Conversion costs refer to direct labor and manufacturing overhead to convert raw materials to finished goods. The weighted-average and FIFO methods are used to determine the cost of equivalent units of production using beginning inventory and current period costs.

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    Chap 18 Flashcards

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    ELAC2
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    The document defines key terms used in process costing, including conversion costs, equivalent units of production, production cost reports, transferred in costs, the weighted-average method, and the first-in, first-out (FIFO) method. Conversion costs refer to direct labor and manufacturing overhead to convert raw materials to finished goods. The weighted-average and FIFO methods are used to determine the cost of equivalent units of production using beginning inventory and current period costs.

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    Accounting Flashcards Chap 18

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    The document defines key terms used in process costing, including conversion costs, equivalent units of production, production cost reports, transferred in costs, the weighted-average method, and the first-in, first-out (FIFO) method. Conversion costs refer to direct labor and manufacturing overhead to convert raw materials to finished goods. The weighted-average and FIFO methods are used to determine the cost of equivalent units of production using beginning inventory and current period costs.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    11 views4 pages

    Chap 18 Flashcards

    Uploaded by

    ELAC2
    The document defines key terms used in process costing, including conversion costs, equivalent units of production, production cost reports, transferred in costs, the weighted-average method, and the first-in, first-out (FIFO) method. Conversion costs refer to direct labor and manufacturing overhead to convert raw materials to finished goods. The weighted-average and FIFO methods are used to determine the cost of equivalent units of production using beginning inventory and current period costs.

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    of 4

    Miller, Financial and Managerial Accounting 5e http://media.pearsoncmg.com/ph/bp/bp_horngren_fm_5/student/flas...

    Conversion Costs Equivalent Units of Production


    (EUP)

    The cost to convert raw materials into Used to measure the amount of materials
    finished goods: Direct labor plus added to or work done on partially
    manufacturing overhead. completed units and expressed in terms of
    fully completed units.

    1 of 4 3/15/17, 12:24 AM
    Miller, Financial and Managerial Accounting 5e http://media.pearsoncmg.com/ph/bp/bp_horngren_fm_5/student/flas...

    Production Cost Report Transferred In Costs

    A report prepared by a processing Costs that were incurred in a previous


    department for equivalent units of process and brought into a later process as
    production, production costs, and the part of the product's cost.
    assignment of those costs to the completed
    and in process units.

    2 of 4 3/15/17, 12:24 AM
    Miller, Financial and Managerial Accounting 5e http://media.pearsoncmg.com/ph/bp/bp_horngren_fm_5/student/flas...

    Weighted-Average Method (for First-In, First-Out (FIFO)


    Process Costing) Method (for Process Costing)

    Determines the average cost of equivalent Determines the cost of equivalent units of
    units of production by combining beginning production by accounting for beginning
    inventory costs with current period costs. inventory costs separately from current
    period costs. It assumes the first units
    started in the production process are the
    first units completed and sold.

    3 of 4 3/15/17, 12:24 AM
    Miller, Financial and Managerial Accounting 5e http://media.pearsoncmg.com/ph/bp/bp_horngren_fm_5/student/flas...

    First-In, First-Out (FIFO)


    Method (for Process Costing)

    Determines the cost of equivalent units of


    production by accounting for beginning
    inventory costs separately from current
    period costs. It assumes the first units
    started in the production process are the
    first units completed and sold.

    4 of 4 3/15/17, 12:24 AM

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