Voc 2

Question 1

Equivalent units

Answer 1

Number of complete physical units to which units in inventories are equal terms of work done to date

Question 2

Workin process ending inventory steps

Answer 2

1. Measure the physical flow of resources
2. Compute the equivalent units of production
3. Identify the cost to assign products
4. Compute the cost per equivalent unit
5. Assign product cost to batches of work

Question 3

Flow of resources

Answer 3

BWIPI + units started = units transferred out + EWIPI

Question 4

Weighted average unit cost

Answer 4

(WIP cost + current period cost) / (WIP EU + Current period EU)

Question 5

FIFO

Answer 5

WIP Cost/ WIP EU

Current period cost / current period eu

Keeps cost separate

Question 6

Cost per equivalent unit

Answer 6

Current period cost/ equivalent units of production this period

Question 7

Prior department cost

Answer 7

Manufacturing cost incurred in some other department and transferred to a subsequent department in the manufacturing process

Question 8

Operation costing

Answer 8

Hybrid costing system used in manufacturing goods that have some common characteristics and some individual characteristics

Question 9

Operation

Answer 9

Some standardized methods or techniques that is repeatedly preformed in making a product

Question 10

Compute Equivalent Units

FIFO

Answer 10

1. Equivalent units to complete beginning work in progress inventory
2. Equivalent units of good started and completed during the current period
   3 equivalent units of good still in ending work in progress inventory