Answer:
1. G
2. D
3. A
4. H
5. E
6. B
7. C
8. F
Explanation:
1. First-in, first-out method: A process costing method that costs each period’s equivalent units of work with that period’s costs per equivalent unit
2. Equivalent units: Measure of the work done during a production period, expressed in terms of fully complete units of output
3. Direct labor and factory overhead: Conversion costs
4. Cost of production report: Summary of the activity in a processing department for a specific period
5. Process costing: Costing system used by a company producing computer chips
6. Direct labor and direct materials: Prime costs
7. Transferred-in costs: 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. Job order costing: Costing system used by a company producing custom window treatments.
