Managerial Accounting Ch. 4

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Conversion cost

Direct labor cost + manufacturing overhead cost

Equivalent units =

Number of partially completed units x Percentage completion

Equivalent units

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.

Units in beginning work in process inventory + Units started into production or transferred in =

Units in ending work in process inventory + Units completed and transferred out

Weighted-average method: Equivalent units of production =

Units transferred to the next department or to finished goods + Equivalent units in ending work in process inventory

Weighted-average method

A process costing method that blends together units and costs from both the current and prior periods.

Process costing

A costing method used when essentially homogeneous products are produced on a continuous basis.

Weighted-average method: Cost per equivalent unit =

(Cost of beginning work in process inventory + cost added during the period) / Equivalent units of production

The FIFO method

A process costing method in which equivalent units and unit costs relate only to work done during the current period.


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