Match each phrase that follows with the term (a-h) it describes.
-Measure of the work done during a production period, expressed in terms of fully complete units of output
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

Equivalent units are a measure of the work done during a production period, expressed in terms of fully complete units of output.

Answer: E
 Process costing is a costing method used to determine the cost of producing a product or service when identical or similar products are mass-produced.

Answer: H
 The cost of production report is a document used in process costing that summarizes the total costs of a production period, including direct materials, direct labor, and factory overhead. It also calculates the cost per equivalent unit and the ending inventory valuation.

(Note: The other options are also relevant concepts in cost accounting, but do not directly match the given description.)

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