Match the correct term with the statement that describes it. a. direct labor and factory overhead b. direct labor and direct materials c. transferred-in costs d. equivalent units e. process costing f. job costing g. FIFO method h. cost of production report Measure of the work done during a production period, expressed in terms of fully complete units of output A process costing method that costs each period is equivalent units of work with that periods costs per equivalent unit

Incomplete question. Here's the remaining question;

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

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

3. Conversion costs

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

5. Costing system used by a company producing computer chips

6. Prime cost

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

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

1. g

2. d

3. a

4. h

5. e

6. b

7. c

8. f

Explanation:

1 FIFO (First in First out) is a type of process costing method that records each period cost with the cost in that period. Example, first inventory are costed according to the first cost in that period.

2. Remember, the equivalent units is a measure of production output expressed in terms of fully complete units of output.

3. What makes up the cost of converting raw materials is the addition of direct labour and factory overhead costs.

4. The cost of production is summary of production activities done by the processing department of a company.

5. Any large or batch production process are usually costed using the process costing method because it is used to calculate the production cost of a process especially for non customizable products such as a computer chips.

6. The Prime cost in accounting is calculated by adding direct labour cost + direct material cost.

7. Any cost completed in a previous process are carried forward to the next department are called transferred-in cost.

8. Since this is a single task production requiring unique customizable it best using job costing system.

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