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Explain product cost
Product costs are those costs which are associated with and directly identifiable with the product. In other words, which are assigned to the product are product costs. Under marginal costing variable manufacturing costs and under absorption costing total manufacturing costs constitute product costs. A product cost is thus the sum of the costs assigned to a product for a specified purpose.
Kibble Company had the following functional income statement for the month of July 2011: Kibble Company Functional Income Statement For the Month Ending July 31, 2011 Sales ($40 x
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