A cost flow assumption where costs are charged to Cost of Goods Sold in chronological order
What is First-in, First-out (FIFO)?
100
A temporary account used to report losses of inventory
What is Loss on Inventory?
100
A place where the results of events affecting that item are recorded
What is Account?
100
A variance that indicates the difference in labor cost due to a change in the average wage rate paid to direct labor
What is Direct labor price variance?
100
A temporary account used to reflect the indirect manufacturing costs of the period
What is Manufacturing Overhead
200
A cost flow assumption where costs are charged to cost of Goods Sold in reverse chronological order
What is Last-in, First-out (LIFO)?
200
An inventory account used by a merchandising company
What is Merchandise Inventory?
200
The time period between financial statement
What is Accounting Cycle?
200
A variance that indicates the difference in labor cost due to a change in the number of hours worked per unit produced
What is Direct labor usage variance?
200
The amount of overhead incurred during the period.
What is Actual manufacturing overhead
300
A variance that indicates the difference in revenue due to a change in selling price
What is Sales price variance?
300
An inventory account used in a manufacturing company to record the direct materials on hand
What is Direct Materials Inventory
300
An organizational scheme used to classify accounts as assets, liabilities, or owners' equity
What is Chart of accounts
300
A variance that indicates the difference in material cost due to a change in the amount paid to purchase materials
What is Direct materials price variance?
300
The amount of overhead applied to work-in-process during the period
What is Applied manufacturing overhead?
400
A variance that indicates the difference in revenue due to a change in sales volume
What is Sales quantity variance?
400
A system used by companies that need to determine the balance in inventory and the cost of goods sold only at specific points in time
What is Periodic inventory system?
400
An account with an opposite balance to the normal balance of its associated account.
What is Contra account?
400
A variance that indicates the difference in material cost due to a change in the amount of materials used per unit produced
What is Direct materials usage variance?
400
The amount of overhead applied to production is greater than the actual amount of overhead incurred
What is Overapplied overhead?
500
A temporary account that represents the returns by customers and price allowances granted to customers?
What is Sales Returns and Allowances?
500
A system used by companies that want to keep a running balance of the cost of inventory available for sale and the cost of goods sold during the period
What is Perpetual inventory system?
500
An asset, liability, or owners' equity account whos balance is carried over from year to year
What is Permanent account
500
A variance that indicates the change in direct material cost due to a change in the amount paid to purchase materials
What is Direct materials inventory variance?
500
The amount of overhead applied to production is less than the actual amount of overhead incurred