Exercise $16-3$ Terminology in process costing $C1$

Match each of the following items A through $G$ with the best numbered description of its purpose.

A$.$ Factory Overhead account

B$.$ Production cost report

C$.$ Equivalent units of production

D$.$ Work in Process Inventory accounts

E$.$ Raw Materials Inventory account

F$.$ Materials requisition

G$.$ Finished Goods Inventory account

Notifies the materials manager to send materials to a production department.

Holds indirect costs until assigned to production.

Holds production costs until products are transferred from production to finished goods $($or another department$).$

Standardizes partially completed units into equivalent completed units.

Holds costs of finished products until sold to customers.

Describes the activity and output of a production department for a period.

Holds costs of materials until they are used in production or as factory overhead.