Question

Match the following statements to the appropriate terms.

Answer 1

Answer:

Production Cost Report;Cost Reconciliation schedule,Equivalent units of Production;Unit Production Costs;Physical Units

Explanation:

Production Cost Report:A summary of both production quantity and cost data for a production department.

Cost Reconciliation schedule:Shows that the total costs accounted for equal the total costs to be accounted for.

Equivalent units of Production:Work done during a period expressed in fully completed units.

Unit Production Costs: Costs expressed in terms of equivalent units of production.

Physical Units:Actual units to be accounted for during a period, irrespective of any work performed.

Total Units Accounted for:Units transferred out during the period plus units in ending work in process.

Total manufacturing cost per unit:Unit materials costs plus unit conversion costs.

Units Transferred out:Total units accounted for minus units in ending work in process.