Ch2M_sp11 - BCOR 2000 – Chapter 2M Cost Terms Concepts and Cost Terms Concepts and Classifications Classifications Comparison of Financial and

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Unformatted text preview: BCOR 2000 – Chapter 2M Cost Terms, Concepts and Cost Terms, Concepts and Classifications Classifications Comparison of Financial and Managerial Accounting Manufacturing Costs • Direct Materials become an integral part of the finished product and whose costs can be traced to the finished product • Direct Labor consists of labor costs that can be easily traced to individual units • Manufacturing Overhead includes all costs of manufacturing except Direct Materials and Direct Labor; e.g., indirect labor, indirect materials Non-Manufacturing Costs • Selling Costs – Costs incurred to secure customer orders and get the finished product to the customer – Advertising, shipping, sales salaries & commissions, sales travel, etc. • Administrative Costs – Executive, organization, and clerical costs associated with general management of the company – Executive compensation, accounting, secretarial, public relations, custodial, etc. Product Costs Versus Period Costs Product costs include direct materials, direct labor, and manufacturing overhead ....
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This note was uploaded on 10/29/2011 for the course BCOR 2000 taught by Professor Brush during the Spring '07 term at Colorado.

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Ch2M_sp11 - BCOR 2000 – Chapter 2M Cost Terms Concepts and Cost Terms Concepts and Classifications Classifications Comparison of Financial and

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