Answered: Identify each of the following costs as…

Business

Accounting

Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Office manager salary

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 5Q: Identify and describe the three types of product costs in a manufacturing firm.

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Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be allocated to units of production. e. costs have expired and must be transferred from the balance sheet to the income statement.
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