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What is period cost
Period costs are those costs which are reported as expanses of the period in question. These are cost which are not assigned to the product but are charged against revenue costs of the period in which they are incurred. All non manufacturing costs such as general and administrative expenses, selling and distribution expenses are example of period costs. In marginal costing, fixed factory overheads are treated as period costs but under absorption costing they are considered as product costs.
Gardner Manufacturing Company produces a product that sells for $120. A selling commission of 10% of the selling price is paid on each unit sold. Variable manufacturing costs are $
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Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h
In the current corporate world, this is a common practice of companies along with surplus cash to lend to another company for a short period generally ranging from 60 days to 180 d
Characteristics of irrelevant costs
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