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163 match the correct term with the statement that describes it 1 costs incurred in 4295121

 

163. Match the correct term with the statement that describes it. 

1. Costs incurred in a previous process that are carried forward as part of the product’s cost when it moves to the next department 

     FIFO method 

  ____ 

2. Prime costs 

     equivalent units 

  ____ 

3. Summary of the activity in a processing department for a specific period 

     direct labor and factory overhead 

  ____ 

4. Conversion costs 

     cost of production report 

  ____ 

5. Costing system used by a company producing by a company producing custom window treatments 

     process costing 

  ____ 

6. Costing system used by a company producing computer chips 

     direct labor and direct materials 

  ____ 

7. A process costing method that costs each period’s equivalent units of work with that period’s costs per equivalent unit 

     transferred-in costs 

  ____ 

8. Measure of the work done during a production period, expressed in terms of fully complete units of output 

     job costing 

  ____ 

 

 

 

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