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Difference between product costs and period costs

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Reference no: EM131640215

Need some help these question, using own words no copy paste answer.

  • What is the difference between product costs and period costs?
  • What are the components included in each of the three (3) 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.
  • When are 'product costs' (inventoriable costs) recognized as expenses?

Reference no: EM131640215

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