Product costs that can be traced to the cost object

Product costs that cannot be traced to the cost object

Costs of producing a product service

Costs of selling a product or running a company

Product (Manufacturing Costs)

Production Costs that are necessary to create a product (Prime & Conversion)

Period (Non-manufacturing Costs)

Nonproduction costs that are linked to a time period, not to specific products; office-related

Costs of direct materials and direct labor

Costs incurred while turning raw materials into finished goods. Includes direct labor and factory overhead

These materials are crucial parts of a finished product. (Classifications: Manufacturing, Product, Prime costs)

Manufacturing cost; Employee's labor that direct convert materials to finished products. (hours worked and benefit costs)

All manufacturing costs that are not direct materials or direct labor. Includes indirect materials, indirect labor, and other indirect costs of production

Materials used in manufacturing products that cannot be traced to finished goods

Labor used in manufacturing that cannot be traced to finished goods. Includes labor for supervisors, maintenance, and others at the facility who are not directly converting raw materials into finished products

These costs are needed for the facility's operations but are not directly traced to the finished product. This category includes utilities such as water, gas, electricity, rents paid, equipment, or tools, depreciation, insurance, taxes

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ACCTG 231

Managerial Accounting - Manufacturing Acctg Terms

Question	Answer
Direct	Product costs that can be traced to the cost object
Indirect	Product costs that cannot be traced to the cost object
Manufacturing	Costs of producing a product service
Non-Manufacturing	Costs of selling a product or running a company
Product (Manufacturing Costs)	Production Costs that are necessary to create a product (Prime & Conversion)
Period (Non-manufacturing Costs)	Nonproduction costs that are linked to a time period, not to specific products; office-related
Prime	Costs of direct materials and direct labor
Conversion	Costs incurred while turning raw materials into finished goods. Includes direct labor and factory overhead
Direct Materials	These materials are crucial parts of a finished product. (Classifications: Manufacturing, Product, Prime costs)
Direct Labor	Manufacturing cost; Employee's labor that direct convert materials to finished products. (hours worked and benefit costs)
Factory Overhead	All manufacturing costs that are not direct materials or direct labor. Includes indirect materials, indirect labor, and other indirect costs of production
Indirect Materials	Materials used in manufacturing products that cannot be traced to finished goods
Indirect Labor	Labor used in manufacturing that cannot be traced to finished goods. Includes labor for supervisors, maintenance, and others at the facility who are not directly converting raw materials into finished products
Other Indirect	These costs are needed for the facility's operations but are not directly traced to the finished product. This category includes utilities such as water, gas, electricity, rents paid, equipment, or tools, depreciation, insurance, taxes

Created by: lexi.welte

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