The number of the same or similar complete units that could have been produced given the amount of work actually performed on both complete and partially complete units.
Equivalent Units
A report that summarizes the physical units and equivalent units of a department, the costs incurred during the period, and the costs assigned to units completed and to units in ending Work-in-Process Inventories.
Production Cost Report
True or False
The FIFO method includes both costs incurred during the current period and costs incurred during the prior period that are shown as the beginning Work-in-Process Inventory of the current period.
False
Name the two categories of unit totals that must be equal in Step #1 of process costing.
Input Units
Output Units
Name the two categories of units that are totaled to determine the input units.
Units in beginning Work-in-Process
Units Started
Name the two categories of units that are totaled to determine the output units.
Units Completed and Transferred Out
Units in Ending Work-in-Process
True or False
Step #1 of process costing is identical for the Weighted-Average and FIFO methods.
True
True or False
Step #2 of process costing is identical for the Weighted-Average and FIFO methods.
False
Name Step #1 of process costing.
Analyze physical flow of units
Name Step #2 of process costing.
Calculate equivalent units for each cost element.
Name Step #3 of process costing.
Determine total costs for each cost element.
Name Step #4 of process costing.
Compute cost per equivalent unit for each cost element.
Name Step #5 of process costing.
Assign total costs to completed units and partial units.
Name the categories of units that are totaled to determine the total equivalent units for the Weighted-Average method.
Units Completed and Transferred Out
Units in Ending Work-in-Process
Name the categories of units that are totaled to determine the total equivalent units for the FIFO method.
Equivalent Units to Complete Beginning Work-in-Process
Units Started and Completed
Equivalent Units in Ending Work-in-Process
True or False
Step #3 of process costing is different for the Weighted-Average and FIFO methods.
False
