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4 Cards in this Set
- Front
- Back
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product cost |
all costs involved in acquiring or making a product. Product costs “attach” to units of product as the goods are purchased or manufactured, and they remain attached as the goods go into inventory awaiting sale.(has word factory in it, probably product cost) |
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period cost |
are all the costs that are not product costs. All selling and administrative expenses are treated as period costs. |
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variable cost |
A cost that varies, in total, in direct proportion to changes in the level of activity. A variable cost is constant per unit. |
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fixed cost |
a cost that remains constant, in total, regardless of changes in the level of activity. Examples of fixed costs include straight-line depreciation, insurance, property taxes, rent, supervisory salaries, administrative salaries, and advertising |
