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What is the difference between product costs and period cost

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Reference no: EM131397224

DISCUSSION BOARD 1:

AVOID BREVITY, ANSWERS SHOULD NOT BE WHAT ANY TEXT BOOK SAIDS, BUT USE OWN WORD.

- What is the difference between product costs and period costs?
- What are the components included in each of the three types of inventory in a manufacturing operation?
- What are the components of the cost of services provided by a service firm?
- What is the difference between direct and indirect costs? Why is it important to properly identify the differences?

Explain why are 'product costs' called inventoriable costs.

Discussion board 2:

AVOID brevity and your response should be in your own words. DO NO repeat the words used in your textbook.

1. What are the four methods commonly used to identify the fixed and variable elements of a mixed cost?
2. Identify the strength and weakness of each method identified in question #1.
3. What is cost behavior?
4. List and explain (in detail) what are the perceived advantages of ABC (Activity Based Costing) over the 'traditional' method of cost allocation?

Reference no: EM131397224

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