Managerial Accounting Chapter 5: Process Costing

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Author:
Drizzle
ID:
286028
Filename:
Managerial Accounting Chapter 5: Process Costing
Updated:
2014-10-16 21:00:12
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Accounting
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Chapter 5
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  1. Equivalent units
    Express the amount of work done during a period in terms of fully completed units of output.
  2. Production Cost Report
    Summarized a processing department's operations for a period.
  3. Transferred-In Costs
    Costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next process.
  4. Trash audit
    Studying the contents of a company's trash in order to identify solid waste and scraps that could potentially be recycled, repurposed, or sold to create a new revenue stream.  Also known as Waste Audit or Waste Sort.
  5. Weighted-Average Method of Process Costing
    A process costing method that combines any beginning inventory units (and costs) to get a weighted-average cost.

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