Fill in the Blanks: Chapter Twenty
1. The ____________ process costing system is often employed in steel, petroleum, chemical, and other similar types of industries.
3. The process costing report which documents the units and costs which flow through a manufacturing department is called a ____________cost of production report.
4. One of the first steps in preparing a cost of production report is to analyze the ____________physical flow of goods.
5. ____________Conversion cost is the cost to to convert raw material into finished products; more specifically, the sum of direct labor and factory overhead.
7. Before recording the cost of completed units, the ____________work in process account should have a balance equal to the total costs accounted for on the production cost report.
8. ____________Activity-based costing is a method under which departments are divided into activities, and the cost of individual activities are applied to cost objects.
9. ____________Period costs are expensed under traditional costing methods, but may partially be allocated to individual products under activity-based costing.
10. The identification of activities is facilitated by dividing business processes into levels. These levels include: ____________unit-level, ____________batch-level , ____________product-level, ____________customer-level , ____________ market-level, or ____________entity sustaining.