Asked by
SATYA SWARUP SWAIN
on Oct 11, 2024Verified
The three cost elements ordinarily included in product costs are direct materials, direct labor, and manufacturing overhead.
Product Costs
Costs that are directly incurred in the production of goods, including direct materials, direct labor, and manufacturing overhead.
Direct Materials
Raw materials that are directly traceable to the production of a specific product and are a major component of its cost.
Direct Labor
Wages paid to workers directly involved in the production of goods or services, as opposed to administrative or managerial staff.
- Identify the classification of various costs within a manufacturing environment.
Verified Answer
DM
Learning Objectives
- Identify the classification of various costs within a manufacturing environment.