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Managerial Accounting: The Corners...
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Managerial Accounting: The Corners...
Total and Unit Product Cost
Martinez Manufacturing Inc. showed the following costs for last month:
Last month, 4,000 units were produced and sold.
Required:
- 1. Classify each of the costs as product cost or period cost.
- 2. What is the total product cost for last month?
- 3. What is the unit product cost for last month?
1.
Classify each cost as period cost or product cost.
Product 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 distribution costs are examples of period costs...
2.
Calculate the total product cost for the last month.
3.
Calculate the amount of unit product cost for previous month.
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