COMMERCE 2AB3 Chapter Notes - Chapter 4: Finished Good, Root Mean Square, Fifo (Computing And Electronics)
15 Mar 2017
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Conversion costs: the sum of labour costs and overhead costs. Cost reconciliation schedule: a schedule that shows that the total costs accounting for real the total costs to be accounted for. Equivalent units of production: a measure of the work done during the period, expressed in fully completed units. First in, first out (fifo) method: a process costing method in which the cost assigned to the beginning work in process inventory is separated from current period production costs. The cost per equivalent unit is related to the current period only. Operations costing: a combination of a process cost and a job order cost system, in which products are manufactured mainly be standardized methods, with some customization. Physical units: actual units to be accounted for during a period, regardless of an work performed. Process cost system: an accounting system used to apply costs to similar products that are mass produced in a continuous way.
