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4 Cards in this Set
- Front
- Back
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Product Cost
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Product costs are costs that are associated with manufactured goods until the time period during which the products are sold, when the product costs become expenses (COGS).
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Period Cost
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Period costs are expensed during the time period in which they are incurred. (Selling expenses, Administrative expenses, Research and Development expenses)
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Inventoriable Cost
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Product costs are also called inventoriable costs because they are assigned to manufactured goods that are inventoried until a later period, when the products are sold. The product costs remain in the Work-in-Process or Finished-Goods Inventory account until the time period when the goods are sold.
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Variable vs. Fixed
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The behavior cost with respect to a particular driver. Variable costs change in total but are constant per unit. fixed costs are constant in total but decrease on a per unit basis.
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