Solved

Match the Correct Term with the Statement That Describes It

Question 180

Matching

Match the correct term with the statement that describes it.

Premises:
equivalent units
direct labor and factory overhead
cost of production report
transferred-in costs
process costing
direct labor and direct materials
job costing
FIFO method
Responses:
Conversion costs
Prime costs
Costs incurred in a previous process that are carried forward as part of the product’s cost when it moves to the next department
Costing system used by a company producing computer chips
Summary of the activity in a processing department for a specific period
A process costing method that costs each period’s equivalent units of work with that period’s costs per equivalent unit
Costing system used by a company producing by a company producing custom window treatments
Measure of the work done during a production period, expressed in terms of fully complete units of output

Correct Answer:

equivalent units
direct labor and factory overhead
cost of production report
transferred-in costs
process costing
direct labor and direct materials
job costing
FIFO method
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