A form that records the direct materials, direct labor, and manufacturing overhead cost charged to a job.

A measure of activity such as direct labor-hours or machine-hours that is used to assign costs to cost objects.

A schedule that contains three elements of product costs—DM, DL, and MOH—and that summarizes the portions of those costs that remain in ending FG inventory and that are transferred out of FG into COGS.

A costing system in which overhead costs are applied to a job by multiplying a predetermined overhead rate by the actual amount of the allocation base incurred by the job (as opposed to using quantity and price standards)

A credit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process is greater than the amount of overhead cost actually incurred during a period.

A debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied to Work in Process is less than the amount of overhead cost actually incurred during a period.

A schedule that contains three elements of product costs—DM, DL, and MOH—and that summarizes the portions of those costs that remain in ending WIP inventory and that are transferred out of Work in Process into Finished Goods.

The process of assigning overhead cost to specific jobs.

Units of product that are only partially complete and will require further work before they are ready for sale to the customer.

The manufacturing costs associated with units of product that were finished during the period.

The manufacturing costs associated with units of product that were finished and sold during the period.

A costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in unit product costs.

Units of product that have been completed but not yet sold to customers.