Term
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Definition
| Direct Labor Cost plus manufacturing overhead cost. |
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Term
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Definition
| The product of the number of partially completed units and their percentage of completion with respect to a particular cost. Equivalent units are the number of complete whole units that could be obtained from the materials and effort contained in partially completed units. |
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Term
| Equivalent units of production (weighted-average method) |
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Definition
| The units transferred to the next department (or to finish goods) during the period plus the equivalent units in the department's ending work in process inventory. |
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Term
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Definition
| A process costing method in which eqivalent units costs relate only to work done during the current period. |
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Term
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Definition
| A costing method used when essentially homogeneous products are produced on a continuous basis. |
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Term
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Definition
| An organizational unit where work is performed on a product and where materials, labor, or overhead costs are added to the product. |
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Term
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Definition
| A process costing method that blends together units and costs from both the current and prior periods. |
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