CH2 - B. CLASSIFICATION OF MANUFACTURING COSTS C....

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ACCT 347 LECTURE NOTE, CHAPTER # 2 COST TERMS AND PURPOSES I. COST OBJECT (OBJECTIVE) ANY ACTIVITY FOR WHICH A ____________ MEASUREMENT OF COSTS IS DESIRED. II. DIRECT vs. INDIRECT COST DIRECT COST: COSTS THAT CAN BE ________ TRACED TO A GIVEN COST OBJECTIVE IN AN ECONOMICALLY FEASIBLE WAY. III. FIXED AND VARIABLE COST A. FC B. VC C. COST DRIVER D. RELEVANT RANGE IV. V. A. TYPES OF INVENTORY: DMI, WIP, FGI
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Unformatted text preview: B. CLASSIFICATION OF MANUFACTURING COSTS C. INVENTORIABLE COSTS D. PERIOD COSTS VI. F/S OF MANUFACTURING FIRMS (EX 2-7, 8.9) A. B/S (CURRENT ASSET SECTION) FGI WIP RMI B I/S (CGS SECTION) BEG FGI + CGM- END FGI CGS CGM C. PRIME vs. CONVERSION COSTS VII. MEASURING COSTS REQUIRES JUDGEMENT DIFFERENT MEANINGS OF PRODUCT COSTS...
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