Chapter 3 Vocabulary

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Across
  1. 2. A system for assigning costs to a large number of identical units that typically pass through a series of uniform production steps. Costs are averaged over the units produced such that each unit bears the same unit cost.
  2. 4. A written or electronic document requesting that specific materials be transferred from the raw materials inventory storeroom to the production floor.
  3. 10. A written or electronic document listing the number and cost of all units used and received and the balance currently in stock; a separate record is maintained for each type of raw material kept in stock.
  4. 12. A written or electronic document that lists the direct materials, direct labor, and manufacturing overhead costs assigned to each individual job.
  5. 13. A system for assigning costs to products or services that differ in the amount of materials, labor, and overhead required. Typically used by manufacturers that produce unique or custom-ordered products in small batches; also used by professional service firms.
  6. 14. The rate used to allocate manufacturing overhead to individual jobs; calculated before the year begins as follows: total estimated manufacturing overhead costs divided by total estimated amount of allocation base.
Down
  1. 1. The primary factor that causes a cost.
  2. 3. A written or electronic document that identifies the employee, the amount of time spent on a particular job, and the labor cost charged to a job.
  3. 5. Bill from a supplier.
  4. 6. The amount of manufacturing overhead allocated to jobs is more than the amount of manufacturing overhead costs actually incurred; results in jobs being overcosted.
  5. 7. A list of all of the raw materials needed to manufacture a job.
  6. 8. A written or electronic document authorizing the purchase of specific raw materials from a specific supplier.
  7. 9. A pricing approach in which the company adds a desired level of profit to the product's cost.
  8. 11. The amount of manufacturing overhead allocated to jobs is less than the amount of manufacturing overhead costs actually incurred; this results in jobs being undercosted.