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Raw materials is a product cost or period cost?
product cost
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Direct labor is a product cost or period cost?
product cost
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Factory overhead is a product cost or period cost?
product cost
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Indirect materials is a product cost or period cost?
Product cost. Indirect materials is part of factory overhead, which is a part of product cost.
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Indirect labor is a product cost or period cost?
Product cost. Indirect labor is part of factory overhead, which is part of product cost.
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What is a product cost?
Cost of converting raw materials into a tangible finished item, like a TV, stove, or washing machine. These cost are allocated to the product and carried in invetories until the product is sold.
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Cost of converting raw materials into a tangible finished item, like a TV, stove, or washing machine.
product cost
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Required to make the product.
Example wood is used by Jindalee Craftworks to manufacture doors, cupboards, etc.
raw materials
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the wages due to staff for the time spent in actually producing the goods
direct labor
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all the other costs of running the factory, including depreciation of factory plant, rent or rates for factory premises, factory insurances and light and power used by the factory
factory overhead
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Marketing, or selling and distribution, expenses is a product cost or period cost?
period cost
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General and Administration Expenses is a product cost or period cost?
period cost
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Financial expenses is a product cost or period cost?
period cost
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advertising, cartage outward (transportation out, recorded on cost of goods sold), and commission for sales people
marketing, or selling and distribution, expenses
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cost incurred for the overall administration of the organization
Ex. general office salaries, audit fees, depreciation of computers for the accounting department
general and administation expenses
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the cost incurred in relation to fnancial aspects of the business
ex. interest paid on borrowing and discount allowed to debtors
financial expenses
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major items of cost that can be directly and relatively easily traced to the product
direct materials
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Raw materials is a direct cost or indirect cost?
direct cost
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cost that cannot easily be traced directly to the product
indirect cost
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Factory overhead is a direct cost or indirect cost?
indirect cost
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