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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Product and period costs

Identify the following costs as a product cost or a period cost for a magazine publisher:

a. Sales salaries

b. Paper used for the magazine

c. Maintenance on printing machines

d. depreciation expense—corporate headquarters

a.

To determine

Product costs:

Product costs are the costs which are incurred in the production of the goods. These costs include the direct materials cost, direct labor cost, and factory overhead cost.

Period costs:

Period costs are the costs other than the product costs. These costs are not incurred in manufacturing the goods. These costs include the administrative expenses, and selling expenses.

To identify: The given costs as a product cost or a period cost for a magazine publisher.

Explanation

The cost of the sales salaries is the period cost.

The cost of the sales salaries is the period cost as it is th...

b.

To determine

To identify: The given costs as a product cost or a period cost for a magazine publisher.

c.

To determine

To identify: The given costs as a product cost or a period cost for a magazine publisher.

d.

To determine

To identify: The given costs as a product cost or a period cost for a magazine publisher.

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