For Each Item Shown Below,classify It as a Product Cost

question 241

Essay

For each item shown below,classify it as a product cost or a period cost,by placing an X in the appropriate column.For each item that is a product cost,also indicate whether it is a direct cost or an indirect cost with respect to a unit of finished product.

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Definitions:

Salary Allowances

Fixed sums or benefits paid in addition to a base salary, often determined by specific terms of employment.

Capital Accounts

Accounts that track the equity ownership of partners or shareholders in a business, reflecting contributions, withdrawals, and the share of profits or losses.

Ownership Equity

Refers to the residual interest in the assets of an entity after deducting liabilities, representing the owner's claim on the business.

Capital Balances

The amount of equity each partner or owner has in a business, reflecting contributions, withdrawals, and their share of profits or losses.