Define product cost

Q: a prod

A: Standard costs are the anticipated costs of manufacturing the product. Standard Direct Materials…

Q: Classify the following costs into either being product cost or period cost:(a) Raw material costs

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product.…

Q: Explain unit product cost under variable costing.

A: Variable Costing: “Variable costing is a method that allocates only variable manufacturing costs to…

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: Distinguish between the following set of terms: Direct product costs and indirect product…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: How does a product cost differ from a general, selling, and administrative cost? Give examples of…

A: Product Cost: Product costs are the expenses directly associated with making a particular product.…

Q: Relevant examples of direct and indirect costs

A: Relevant examples of direct and indirect costs.

Q: Explain the difference between direct costs and indirect cost

A: Direct cost is the cost incurred by the organization while performing their center business process…

Q: How to calculate manufacturing costs

A: How to calculate manufacturing costs.

Q: xplain the main principles of Direct costing

A: Solution Concept Direct costing                 This is a method of costing which is based on the…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: The cost equation and the distinction between product and period costs are described

A: The cost equation and the distinction between product and period costs are described will be…

Q: Define production cost report.

A: The production cost report. summarizes the production and cost activity within a department for a…

Q: Briefly explain how product costs are viewed on a flow-of-activity basis.

A: Product costs on a flow-of-activity basis involve looking at the costs associated with the…

Q: The product cost  period cost  opertunity cost

A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…

Q: Briefly define total cost and marginal cost.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What connection exists between unit profit and labor costs?

A: A cost is the amount of money that was expended during the production or delivery of a good or…

Q: Explain unit product cost under absorption costing.

A: Absorption costing (also known as the “Cost-Plus” approach), is a method that is centered upon the…

Q: What does indirect cost includes?

A: Indirect costs: The costs, which do not relate directly with the manufacturing of products, are…

Q: hat is distinguish between product and period cos

A: Product costs are the costs directly linked with the creation of a product or service for sale.…

Q: Explain the purpose of product costing.

A: Product costing: The process of assigning the production costs to all output of the organization is…

Q: What is product costs? Give an example?

A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.