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AC239 Unit 4 Glossary - Provides product costs for each...

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AC 239 Unit 4 Glossary 08/17/09 Activity-Based Costing: Method for accumulating and allocating factory overhead costs Cost Accounting Systems: Measure, record, and report product costs Cost of Production Report: A report prepared periodically by a processing department, summarizing (1) the units for which the department is accountable and the disposition of those units and (2) the costs incurred by the department and the allocation of those costs between completed and incomplete production Cost per Equivalent Unit: The rate used to allocate costs between completed and partially completed production First-in, first-out method (FIFO): The method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred Job Cost Sheets: An account in the work in process subsidiary ledger in which the costs charged to a particular job order are recorded Job order cost system:
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Unformatted text preview: Provides product costs for each quantity of product that is manufactured Period Costs: Those costs that are used up in generating revenue during the current period and that are not involved in manufacturing a product, such as selling, general, and administrative expenses Predetermined factory overhead rate: The rate used to apply factory overhead costs to the goods manufactured; the rate is determined by dividing the budgeted overhead costs by the estimated activity usage at the beginning of the fiscal period Process cost system: A type of cost system that accumulates costs for each of the various departments within a manufacturing facility Process Cost System: A type of cost system that accumulates costs for each of the various departments within a manufacturing facility Underapplied factory overhead: The amount of actual factory overhead in excess of factory overhead applied to production during a period...
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