ACCO 330 - CHPT 3

ACCO 330 - CHPT 3 - Chapter Three Cost Concepts...

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Blocher,Stout,Cokins,Chen, Cost Management 4e Cost Concepts Chapter Three
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Blocher,Stout,Cokins,Chen, Cost Management 4e 2 Product costs include only the costs required to complete the product at the manufacturing level or to purchase and transport the product at the merchandising level Period costs include all other costs incurred by the firm in managing or selling the product Cost Concepts – GAAP
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Blocher,Stout,Cokins,Chen, Cost Management 4e 3 Direct material costs; cost of materials that can be traced to production = purchase price of materials + freight + allowance for scrap and defective units Indirect material costs; cost of materials that cannot readily be traced to production (e.g., lubricants, and small tools) Direct labor costs; labor that can be readily traced to production Indirect labor costs; labor costs that cannot be readily traced to production (i.e., manufacturing support costs ) Product Costs Classifications - by Manufacturing Process Categories
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This note was uploaded on 01/24/2011 for the course ACCO 330 taught by Professor Mastromonaco during the Fall '10 term at Concordia Canada.

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ACCO 330 - CHPT 3 - Chapter Three Cost Concepts...

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