BEC 03 Cost Accounting Flashcards
What are product costs?
DM+DL are prime costs.
Labor and overhead are conversion costs.
What is a variable cost?
varies in total but is fixed per unit.
When using the physical volume method,
Take joint costs and subtract by the by product.
What are conformance costs?
prevention and appraisal costs
What are Non conformance costs?
internal and external failure
Under variable costing
dm+dl and variable costs only
Under absorption costing
includes overhead as well
What is the breakeven point in units?
total fixed costs over cm
Weighted average for equivalent units
units completed + ending wip* units completed
FIFO method for EU
1-%beginning completed + beginning-wip+ending % completed
WA
beginning cost+current cost over equivalent units
FIFO method
current costs only/eu
