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Help me study for my test please :) Chapter 14 Definition of direct cost, indirect cost and be able to identify Fixed cost vs. variable

image text in transcribed Help me study for my test please :)
Chapter 14 Definition of direct cost, indirect cost and be able to identify Fixed cost vs. variable costs; know cost behavior of each Product versus period costs Be able to calculate cost of goods sold Definition of prime and conversion costs (know what is in each; be able to calculate Definition of raw/direct materials inventory Definition of overhead cost; be able to identify Product components (Materials, WIP, FG) know flow and be able to determine amounts. It is easier to use taccounts to determine the debit/credits and flow Know flow of period costs -which financial statement are they reported on Definition of direct labor, indirect labor Definition of work in process, finished goods Chapter 15 2 types of cost accounting systems -Job order versus process-be able to identify businesses for each JE-purchase of materials, flow of materials into production, direct labor, indirect labor, apply overhead Be able to determine ending raw material inventory Be able to calculate overhead application rate Chapter 16 Characteristics of process costing system Definition of equivalent units

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