What is a direct cost and an indirect cost

Reference no: EM131342478

1. What is a direct cost? An indirect cost? Can the same cost be direct for one purpose and indirect for another? Give an example.

2. Define prime cost and conversion cost. Why can't prime cost be added to conversion cost to get total product cost?

3. Explain the difference between cost and expense.

4. How does a period cost differ from a product cost?

Reference no: EM131342478

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