Chapter 5 Flashcards
1
Q
Quiz 1
A
2
Q
What is a Processing Department?
A
3
Q
Sequential vs. Parallel Processing
A
4
Q
Comparing Job-Order and Process Costing
A
5
Q
Journal Entry Views of Cost Flows
1/ T-Account form
A
2/ Journal Entry form
6
Q
The effects of beginning and ending work in process inventories
A
7
Q
Equivalent Units of Production
A
8
Q
Quiz 2
A
9
Q
Weighted-Average Method
A
Weighted-Average Method
The weighted-average method . . .
- Makes no distinction between work done in prior or
current periods.
- Blends together units and costs from prior and current periods.
10
Q
Direct labor is often small?
What should we do?
A
11
Q
A
12
Q
Production Report Example
A
13
Q
Operation Costing
A
14
Q
FIFO Method - The Production Report
A
15
Q
Process costing and spoilage
A
16
Q
Two assumptions about product flow?
A
– Weighted average method
– First-in, first-out (FIFO) method
