Ch. 17

Question 1

equivalent units

Answer 1

a derived amount of the output units that (1) takes the quanity of each input in units completed and in incomplete units of work in process and (2) converts the quantity of inputs into the amount of completed output units that could be produced with the quantity of inputs

Question 2

FIFO process-costing method

Answer 2

(1) assigns the cost of the previous accounting periods equivalent units in beg WIP inventory of the first units completed and and transferred out of the process (2) assigns the cost of equivalent units worked on during the current period first to complete beginning inventory, next to start and complete new units and finally to units in ending WIP inventory

Question 3

hybrid-costing system

Answer 3

blends characteristics from both job costing and process costing systems

Question 4

operation

Answer 4

a standardized method or technique that is performed repetitively often on dif materials resulting in dif finished goods

Question 5

operation costing system

Answer 5

a hybrid costing system applied to batches of similar but not identical products

Question 6

transferred in costs (previous department costs)

Answer 6

costs incurred in previous departments that are carried forward as the products costs when it moves to a subsequent process in the production cycle

Question 7

weighted average process costing method

Answer 7

calculated the cost per equivalent unit of all work done to date and assigns this cost to equivalent units completed and transferred out of the process ad to equivalent units in EWIP inventory