9/9 Chapter 5 Flashcards
1
Q
POHR
A
est OH/est machine hours or labor hours
2
Q
MOH
A
only includes indirect items that are directly related to the production process
3
Q
process costing
A
each unit is similar to each other
we take each department or process and find the costs for them
4
Q
inventory for process costing
A
we have to allocate costs of goods available for sale between ending inventory, and cost of goods sold
5
Q
COGS is higher under
A
LIFO with rising prices
6
Q
COGS is higher under
A
FIFO with falling prices
7
Q
LIFO
A
minimizes current taxes, will have a higher ending inventory, is only used in companies that have been grandfathered in
8
Q
FIFO
A
you will have a lower ending inventory
9
Q
weighted average method
A
?
10
Q
Equivalent Units
A
two 50% completed products are equivalent to one completed product
