Identify the Following Terms

question 54

Short Answer

Identify the following terms:
Muhammad Ahmad

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Definitions:

Product Costs

The costs directly associated with manufacturing a product, including direct materials, direct labor, and overhead.

Sales and Administrative Expenses

Costs associated with the general operation of a company and the sale of its products, excluding production costs.

Factory Overhead

Costs associated with running a factory that are not directly tied to a specific product, including utilities and salaries for management.

Product Costs

Product costs are the direct expenses associated with manufacturing a product, including direct labor, raw materials, and manufacturing overhead.