The following costs are classified as product costs (manufacturing overhead, direct labor, and direct material) and period costs (selling expenses, administrative expenses, and advertising expenses).
What are product costs?
Product costs refer to the costs directly incurred for production. They include:
- Manufacturing overhead
- Direct labor
- Direct material
What are period costs?
Period costs are indirect costs that cannot be traced to production. Some of the period costs include:
- Selling expenses
- Administrative expense
- Advertising expenses
Thus, product costs include manufacturing overhead, direct labor, and direct material, while period costs include selling expenses, administrative expenses, and advertising expenses.
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