Chapter 8

Question 1

Number of complete physical units to which units in inventories are equal in terms of work done to date.

Answer 1

equivalent units

Question 2

Inventory method that for product costing purposes combines costs and equivalent units of a period with the costs and the equivalent units in beginning inventory.

Answer 2

weighted-average process costing

Question 3

Inventory method whereby the first goods received are the first ones charged out when sold or transferred.

Answer 3

first-in, first-out (FIFO) process costing

Question 4

Report that summarizes production and cost results for a period; generally used by managers to monitor production and cost flows.

Answer 4

production cost report

Question 5

Manufacturing costs incurred in some other department and transferred to a subsequent department in the manufacturing process.

Answer 5

prior department costs

Question 6

Hybrid costing system used in manufacturing goods that have some common characteristics and some individual characteristics.

Answer 6

operations costing

Question 7

Standardized method or technique that is repeatedly performed in making a product.

Answer 7

Operation