B Chapter 17-1 - BChapter17...

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B Chapter 17 Full Costs and Their Uses Costs : Measurement, in monetary terms, of  the amount of resources used for some  purpose Cost Object : product, project,  organizational unit, or activity (Focus of cost  collection and decision-making) A specific  product such as that in the book-a certain  style of jeans; can be a department  Full Cost:  All costs for a cost object Direct Costs : Those costs directly traced to  or are a result of the cost object (my salary  to instruct this class)
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Indirect Costs : Cannot be traced to a  specific cost object (Caused by one or more  cost objects)[Dr. Stanton’s salary] Product Costs : DL, DM, FO Conversion Costs : Total of DL+FO Full Production Cost : Conversion Costs +  DM The  above  are  product costs  (inventory  costs) vs. period costs  (General  Administrative, R&D, interest costs)
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