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What's the Process here?
What's the meaning of this?
Calculating Production
Calculating Challenges
More Challenges
100
The focal point of a Job Order cost system.
What is the JOB?
100
An item that you want to know the cost of.
What is a Cost Object?
100
Department managers submit these montly showing: 1) The number of units in the beginning work in process. 2) Number of units completed. 3) Number of units in ending work in process and their estimated stage of completion.
What is a Production Report?
100
The two inventory methods used for assigning costs to inventories.
What are Fifo and Average Cost?
100
This is what is done with he costs of factory service departments.
What is they are allocated to the production departments?
200
The system used when goods or services of a similar nature are provided.
What is a Process Cost System?
200
How overhead costs are accumulated from the various journals in a Process Cost System.
What is in the same manner as in a Job Cost System?
200
Calculated by adding the units finished during the period and the equivalent units in ending work in process.
What is Equivalent Production for the period?
200
Presents the necessary information for inventory valuation and serves as a source for summary journal entries thet are posted to the work in process account for each department and to the finished goods account. ***DAILY DOUBLE***
What is a Cost of Production Summary?
200
This worksheet traces units and costs through departments and calculates total amounts for units and costs completed and those still in process at the end of the month.
What is a Departmental Cost Worksheet?
300
The focus of a process cost system to which costs are assigned.
What is the Cost Center?
300
Calculated by dividing the total cost charged to the department by the number of units produced during the period.
What is the Unit Cost in each department?
300
The number of units in ending work in process times the percentage or fraction of completion.
What are Equivalent Units?
300
Required when production units are flowing through multiple departments during the production process.
What are departmental work in process and factory overhead accounts?
300
If goods transferred into a department come from two prior periods of production and the unit costs were different each period this will be required.
What is calculate a new average unit cost?
400
The main difference between the job order and the process cost systems. *** DAILY DOUBLE ***
What is the manner in which the costs are accumulated?
400
Represents the number of whole units that could have been completed during a period given the amount of work that was performed.
What is Equivalent Production?
400
The total cost of production dvided by the the calculated equivalent units produced. ****DAILY DOUBLE****
What is the Cost Per Equivalent Unit?
400
If 3,500 units are started and completed one month and there are 3,000 units in ending work in process that are 50% complete, this is the number of equivalent units in ending work in process.
What are 1,500 Equivalent units?
400
The journal entry to transfer completed production units will include a debit to finished goods and this to complete the journal entry. **DAILY DOUBLE**
What is a credit to the work in process account for the final department in which the goods were processed?
500
Where the cost of materials (direct) and labor (direct) are charged under a Process Cost System.
What is directly to the departments in which they are incurred?
500
Represents the fraction or percentage of materials, labor, and overhead costs of a completed unit that has been applied to goods that have not been completed by the end of the month. *****DAILY DOUBLE******
What is Stage of Completion?
500
The calculation of equivalent units of production if: 1) 400 units in beginning work in process that were completed this month. 2) 14,600 units started this month of which 13,400 were completed. 3) Units of ending work in process were 25% complete.
What is 14,100 equivalent units of production?
500
If 3,500 units are started and completed during the month and there are 3,000 units in ending work in process that are 50% complete, this is the number of equivalent units produced for the month. ***DAILY DOUBLE***
What are 5,000 equivalent units?
500
1) Accumulating department costs. 2) Calculating equivalent production for the period. 3) Computing the unit cost for the period. 4) Summarizing the disposition of the production costs.
What are the four main sections of a Cost of Production Summary?