| batch manufacturing | High-volume production of several product lines that differ in some important ways but are nearly identical in others.
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| departmental production report | The key document in a process-costing system. This report summarizes the physical flow of units, equivalent units of production, cost per equivalent unit, and analysis of total departmental costs.
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| equivalent unit | A measure of the amount of production effort applied to a physical unit of production. For example, a physical unit that is 50 percent completed represents one-half of an equivalent unit.
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| hybrid product-costing system | A system that incorporates features from two or more alternative product-costing systems, such as job-order and process costing.
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| operation costing | A hybrid of job-order and process costing. Direct material is accumulated by batch of products using job-order costing methods. Conversion costs are accumulated by department and assigned to product units by process-costing methods.
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| process-costing system | A product-costing system in which production costs are averaged over a large number of product units. Used by firms that produce large numbers of nearly identical products.
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| repetitive production | The manufacture of large numbers of identical or very similar products in a continuous flow.
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| transferred-in costs | Costs assigned to partially completed products that are transferred into one production department from a prior department.
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| weighted-average method | A method of process costing in which the cost assigned to beginning work-in-process inventory is added to the current-period production costs. The cost per equivalent unit calculated under this process-costing method is a weighted average of the costs in the beginning work in process and the costs of the current period.
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