FINC 577 Chapter 1 Notes Outline

Allocation of overhead to products can present

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Unformatted text preview: of overhead to products can present problems. Also called factory overhead, indirect manufacturing costs, or burden. Chapter 1-7 Product Versus Period Costs Product Costs Components: _____________________, ______________ and _____________ _____________. Costs that are a necessary and integral part of producing the product. Recorded as inventory when incurred, thus may be called inventoriable costs. Not an expense until the finished goods inventory is sold, then cost of goods sold. Chapter 1-8 Product Product Versus Period Costs Period Costs Matched with revenue of a specific time period and charged to expense as incurred. _______________________ costs. Deducted from revenues in period incurred to determine net income. Includes all _____...
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This document was uploaded on 01/19/2014.

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