Match each phrase that follows with the term a-h it describes.
-costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department
A)direct labor and factory overhead
B)direct labor and direct materials
C)transferred in costs
D)equivalent units
E)process costing
F)job order costing
G)first-in, first-out method
H)cost of production report

Question

Quizplus · Accepted Answer

Transferred in costs refer to costs incurred in a previous process that are carried forward as part of the product's cost when it moves to the next department.

Answer: E 
 Process costing is a method of costing used for mass production industries where the units produced are identical or nearly identical.

Answer: D 
 Equivalent units are a concept used in process costing to measure the output of a production process in terms of the number of fully completed units that could have been produced given the resources consumed.

Answer: H 
 A cost of production report is a periodic accounting report that summarizes the cost of production of a given period, and provides information about the various costs incurred in the production process.

The other answer choices are not applicable to the provided phrase.

Match Each Phrase That Follows with the Term A-H It