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In terms of costs of issuing equity, Professor Clifford W.Smith finds that the ranking of methods, from cheapest to most expensive, is:
Nonmanufacturing Costs
Expenses that are not directly related to the production of goods, including selling, general, and administrative expenses.
Selling
The process or act of promoting and distributing products or services to customers.
Administrative
Pertaining to the activities related to the management and general operations of an organization, often including tasks like planning, organizing, and controlling.
Work in Process
Goods in various stages of completion throughout the plant, not including raw materials or finished products.
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