Managerial Accounting Chapter 5: Process Costing
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Express the amount of work done during a period in terms of fully completed units of output.
Production Cost Report
Summarized a processing department's operations for a period.
Costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next process.
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.
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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