Product costing systems are used to accumulate, track, and assign costs to products.
Complete the following partial statements describing various issues related to product costing systems.
a. __________ is a hybrid of job and process costing methods.
b. Process costing accumulates and tracks costs for each __________ as products pass through each process.
c. Costs of homogeneous products are most appropriately developed with __________.
d. __________ is a commonly used costing method especially within the automotive industry.
e. Job cost reports are used to record __________, __________, and __________ in a job costing system.
f. Two methods used to calculate equivalent units of production are __________ and __________.
g. __________ accumulates, tracks, and assigns costs for each job.

Complete each of the above partial descriptive statements by inserting one of the following words or phrases: process; job costing; operations costing; process costing; direct material; weighted average; direct labor; first-in, first-out (FIFO); overhead. Only one of the preceding words or phrases correctly completes each statement. Words may be used more than once.

  • CreatedMarch 11, 2015
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