Chapter 20

Question 1

Number of units that would be completed if all effort during a period had been applied to units that were started and finished.

Answer 1

Equivalent units of production (EUP)

Question 2

Report of costs charged to a department, its equivalent units of production achieved, and the costs assigned to its output.

Answer 2

Process cost summary

Question 3

system is a method of assigning direct materials, direct labor, and factory overhead expenses to specific processes, departments, or cost objects in an effort to value finished goods inventory; systematic way to allocate all conversion and prime costs to a process.

Answer 3

Process Cost Accounting System

Question 4

Processing of products in a continuous (sequential) flow of steps

Answer 4

Process Manufacturing