Explain the difference between a product cost and a period cost. How does the product cost of a manufacturer differ from the product cost of a merchandiser?

Q: What is the difference between a product cost and a period cost?

A: Product costs: Product costs are the costs which are incurred in the production of the goods. These…

Q: Based on the above information, what are the number of units available for sale? and how much is the…

A: Please see Step 2 for the required information.

Q: What are the differences between a product cost and a period cost

A: In accounting we say that costs are often product costs or period costs. The difference between the…

Q: How do you find cost of goods manufactured?

A: Cost of goods manufactured is the total costs incurred to manufactured goods it includes materials…

Q: Please find the following: Conversion Cost Manufacturing Cost Cost of Goods Sold Cost of Goods…

A: Conversion cost means the total of direct labor and factory overhead where as manufacturing cost…

Q: Compute cost of goods manufactured. using a formal schedule of cost of good manufactured  then…

A: Cost of goods manufactured shows the total costs incurred on the production of goods. It includes…

Q: Which of the following costs would be included on an income statement for both a merchandising…

A: Merchandising concern - This entity deals with buying and selling inventory from the supplier to the…

Q: Indicate whether each of the following should be considered a product cost or a period cost. If you…

A: Direct  product cost is the cost incurred  to manufacture  a product  that can be directly…

Q: Cost of goods sold is also called cost of sales.

A: Cost of goods sold is the direct cost of producing those goods which are sold by the company during…

Q: Selling Expense is an example of     Period cost     Product cost     Cost of sales     Cost of…

A: Selling expense are those expense that incurred on selling the product after manufacturing. For…

Q: How does a merchandising company calculate unit cost per item?

A: A Merchandising company is a type of company  who purchases goods from one company and sells the…

Q: What factor, related to manufacturing costs, causes the difference in net earnings computed using…

A: Answer: Correct answer is option ( d) d. Absorption costing "inventories" all direct costs, but…

Q: How do you compute the unadjusted cost of goods sold?

A: Cost of Goods Sold: Once the product is manufactured, that product is delivered to customers. The…

Q: Identify each of the company's expenses (including cost of goods sold) as either variable, fixed, or…

A: Variable cost means the cost which changes in relation to changes in the level of production. Fixed…

Q: What are these equations? c.Under absorption costing, what is the cost of goods sold? d.Under…

A: Hey, since there are multiple subparts posted, we will answer the first three subparts. If you want…

Q: What is Cost of Goods Sold (COGS), and where is it reported?

A: Merchandise Business: Merchandise business refers to the business of buying goods from the…

Q: Acoording to the information given in the table below, which of the following is Cost of Goods Sold?

A: Cost of goods sold is the production costs incurred on goods sold in a particular accounting period.

Q: This is only the information given to us:  1) How much is the cost of goods manufactured?

A: Cost of goods manufactured shows total costs incurred on the manufacture and production of goods in…

Q: How does a manufacturing company calculate the cost of goods sold? How is this different from a…

A:

Q: What are the difference between the cost of goods sold of manufacturing and service type businesses…

A: Introduction:

Q: Which of the following is not considered a product cost?   a.direct labor b.direct materials…

A: Lets first with the understanding meaning of product cost. Product cost means all cost incurred to…

Q: Why is it important to know the true cost for a product or service?

A: True Cost and its importance The meaning of true cost is simple term is the the distinguish between…

Q: What is the difference of price and cost? From (a) point of view of a customer; and (b) point of…

A: For businesses, the term "cost" refers to the expenditure associated with producing a something or…

Q: Direct labor and direct materials are   a. period costs and expensed when the goods are sold   b.…

A: The different costs related to productions and selling are classified as product and period cost…

Q: re the difference between traditional product costs and activity-based product

A: Traditional product costs: The traditional method of allocating product costs is to allocate the…

Q: One key difference appears when comparing the income statements of a manufacturing company to a…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: Product costs are:     Treated in the same manner as period costs Subtracted from cost of goods sold…

A: There are two types of costs that are incurred in business. One is product costs and other is Period…

Q: tatement is true or false, and correct the false tatement(s): Manufacturing cost is called period…

A: Manufacturing cost is the cost incurred to manufacture units . It includes direct material , direct…

Q: Give the solution: How much is the total cost of goods sold?

A: For an investor or other stakeholders, income statement or statement of profit or loss is an…

Q: How do you calculate costs of goods sold?

A:

Q: When trying to identify product and period costs, is cash, work inprocess, and raw materials…

A: Product cost:The product cost relates to the manufacturing costs such as direct material, direct…

Q: Which of the following would not be considered a component of the "cost" of Goods Sold? a.…

A: Introduction: Cost of goods sold: It is a income statement item. All direct costs which are directly…

Q: How much is the cost of goods manufactured in department B?

A:

Q: freight out/transportation out included in the calculation of cost of goods manufactured?

A: Solution Concept Freight out Freight out is the cost that is incurred in selling the goods . it is…

Q: If fixed manufacturing overhead costs are released from inventory under absorption costing, what…

A: Overhead Costs: Overhead costs are business expenses that cannot be associated or traced directly…

Q: why service industry not involved production cost and retail industry involve in production cost?

A: In the method of Job costing a particular service is obtained by allocating costs to a distinct…

Q: What factor, related to manufacturing costs, causes the difference in net earnings computed using…

A: The question is related to Marginal Costing and is multiple choice question.

Q: How would you define fixed and variable product costs? How are these costs used in determining the…

A: Cost of production is the total cost involved in producing a particular volume of products. These…

Q: Please check if my statement of the cost of goods manufactured and sold in good form is correct.…

A: Cost of goods manufactured shows total costs incurred on manufacturing and production of goods. It…

Q: Show your solution in good accounting form How much is the cost of goods manufactured?

A: Cost of goods manufactured means total costs incurred in the business for manufacturing or…

Q: How are a merchandiser's  inventories different from the inventories of a service-oriented firm .

A: Solution:- Merchandiser’s inventories different from the inventories of a service-oriented firm:-…