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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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How does a period cost differ from a product cost?

To determine

State the difference between  product cost and period cost.

Explanation

Product Cost and Period Cost:

The amount of cost whether direct or indirect incurred by the company in order to produce a product is known as product cost. It also means the cost incurred by the company in acquiring a product and making it available for sale. Period costs can be defined as the costs which are not associated with the process of manufacturing. Selling and delivering the product are examples of period costs.

The following table represents the difference between a product cost and a period cost:

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