a. conversion costs b. cost of goods sold c. cost of production report d. cost per equivalent unit e. equivalent units of production f. manufacturing department g. prime costs h. transferred out costs i. total of direct material costs and direct labor costs ii. manufacturing costs of the items sold iii. number of units produced if each unit was produced sequentially iv. total of direct labor costs, indirect labor costs, indirect material costs, and manufacturing overhead v. where costs in a process cost system are reported before being applied to the product vi. detailed listing of the total costs of the product including the value of work in process vii. cost of materials or conversion for a specific department during production viii. product of the total cost per unit and the number of units completed and transferred during the time period
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
From the above table, you will be required to correctly match the eight Terms on the left with the eight Descriptions on the right.
You shall write your answers as per below examples:
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