Homework Answers
Answer:
Product cost is the cost that related to the product i.e. the cost which is traceable to the product and is a part of inventory values. Product cost includes direct materials, direct labor and direct overheads. It is directly related to the production of products and goods and if there is o production of goods then there is no product cost incurred by the business.
Period Cost is the related the production as it is charged to the period in which they arise. The period cost does not include, direct material, direct labor and direct overhead but it is based on time and mainly includes selling and administration cost like salary, rent, etc. The period cost is incurred by the business even if there is no production of goods or products or any purchase of inventory.
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what is the difference COst and Period cest 2 between product what is the difference COst and Period cest 2 bet...
What is the difference between product costs and period cost? Give example?
What is the difference between product costs and period cost? Give example?
What is the difference between product and period costs?
What is the difference between product and period costs?
For manufacturing company, explain the difference between a product and a period cost, including how they...
For manufacturing company, explain the difference between a product and a period cost, including how they are handled in financial statements.
What is the difference between the unit cost of a product under absorption costing and variable...
What is the difference between the unit cost of a product under absorption costing and variable costing? Which method do you find most valuable to the the operations managers and why?
What are the three major elements of product costs in a manufacturing company? Explain the difference...
What are the three major elements of product costs in a manufacturing company? Explain the difference between a product cost and a period cost. Distinguish between (a) a variable cost, (b) a fixed costs, and (c) a mixed cost AND provide an example of a product/service that contains each of the three different types of costs.
What is the difference between period of care, contact, and episode of care?
What is the difference between period of care, contact, and episode of care?
What is the importance for a business to differentiate between product and period costs? List 3...
What is the importance for a business to differentiate between product and period costs? List 3 examples of each and why it makes sense that they are a period or product cost.
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference betweene actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
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what is a composition of functions? what is the difference between the composition and the product of two funtions?
7. Overhead cost variance is: a. The difference between the overhead costs actually incurred and the...
7. Overhead cost variance is: a. The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. b. The difference between the actual overhead incurred during a period and the standard overedd app C. The difference between actual and budaeted cost caused by the difference between the actual price per unit and the budgeted price per unit. d. The costs that should be incurred under normal conditions to produce a specific product (or component...
What is the importance for a business to differentiate between product and period costs? List 3 examples of each and why it makes sense that they are a period or product cost.
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference betweene actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
7. Overhead cost variance is: a. The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. b. The difference between the actual overhead incurred during a period and the standard overedd app C. The difference between actual and budaeted cost caused by the difference between the actual price per unit and the budgeted price per unit. d. The costs that should be incurred under normal conditions to produce a specific product (or component...
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