Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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
Transcribed Image Text:Element/s of Cost of a product are: A. Material, Labour and expenses B.
Expenses only C. Labour only D. Material only
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- Explain the difference between a period cost and a product cost.arrow_forwardWhy are product costs assigned to the product and period costs immediately expensed?arrow_forwardWhich of the following are prime costs? A. indirect materials, indirect labor, and direct labor B. direct labor, indirect materials, and indirect labor C. direct labor and indirect labor D. direct labor and direct materialsarrow_forward
- In the cost equation Y=a+bx, Y represents which of the following? A. fixed costs B. variable costs C. total costs D. units of productionarrow_forwardWhich of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material usedarrow_forwardUsing the costs listed in the previous problem, classify the costs as either product costs or period costs.arrow_forward
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