ACCT 3130 Chapter 17

____ involve distinct, identifiable units of a product or service. Some examples include custom-made machines and houses.

• Job-Costing Systems

• Process-Costing Systems

____ involve mass production; masses of identical or similar units of a product or service. Some examples include food and chemical processing

• Job-Costing Systems

• Process-Costing Systems

____ assigns total costs to many identical or similar units of output.

• Job-Costing Systems

• Process-Costing Systems

___ are computed by dividing total costs incurred by the number of units of output from the production process.

Each unit receives the same or similar amounts of manufacturing cost. Manufacturing cost includes:

• Direct Materials Cost

• Direct Labor Cost

• Manufacturing Overhead

____ separate costs into cost categories according to when costs are introduced into the process.

• Job-Costing Systems

• Process-Costing Systems

___ are usually added at the beginning of the production process, or at the start of work in a subsequent department down the assembly line.

• Direct Material Costs

• Direct Labor Costs

• Manufacturing Overhead Costs

• Conversion Costs

___ are usually added equally along the production process.

• Direct Material Costs

• Direct Labor Costs

• Manufacturing Overhead Costs

• Conversion Costs

___ are any costs other than direct materials.

• Direct Material Costs

• Direct Labor Costs

• Manufacturing Overhead Costs

• Conversion Costs

What is the first step of the Five-Step Process-Costing Allocation (Problem-Solving Approach)?

• Assign Total Costs to Units Completed & to Units Ending WIP

• Summarize Total Costs to Account For

• Summarize the Flow of Physical UNITS of Output

• Compute Cost per Equivalent Unit

• Compute Output in Terms of Equivalent Units