FILL IN THE BLANKS

1. The system is often employed in steel, petroleum, chemical, and other similar types of industries.

2. In a process costing system, costs are accumulated by or for a specified period of time.

3. The process costing report which documents the units and costs which flow through a manufacturing department is called a report.

4. One of the first steps in preparing a cost of production report is to analyze the of goods.

5. is the cost to to convert raw material into finished products; more specifically, the sum of direct labor and factory overhead.

6. Equivalent units should be separately calculated for and .

7. Two different application methods for process costing are the and the methods.

8. Before recording the cost of completed units, the account should have a balance equal to the total costs accounted for on the production cost report.

9. is a method under which departments are divided into activities, and the cost of individual activities are applied to cost objects.

10. are expensed under traditional costing methods, but may partially be allocated to individual products under activity-based costing.

11. The identification of activities is facilitated by dividing business processes into levels.  These levels include:

12. From a conceptual point of view, cost objects drive the need for and activities consume .