Answered

Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

1. In a manufacturing firm, product costs include: ______

a. all GAAP costs
b. all variable costs
c. all manufacturing costs
d. all fixed costs all non-manufacturing costs

2. Period costs include:

a. all fixed costs
b. all non-manufacturing costs
c. all variable costs
d. all non-GAAP costs
e. all manufacturing costs


Sagot :

Answer and Explanation:

1. The product cost involved all the manufacturing cost i.e. direct cost that includes direct material, direct labor, manufacturing overhead etc

2. The period cost involved non-manufacturing cost i.e. indirect cost like rent expense, fixed selling & admin expenses, depreciation expense, etc

Therefore for 1 the option c is correct and for 2 the option b is correct

We hope this was helpful. Please come back whenever you need more information or answers to your queries. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.