Complete the following chart by placing an "X" under the applicable column headings. Classify each cost as a fixed cost or a variable cost and as either a direct or indirect product cost or a period cost.
Definitions:
Raw Materials
The basic, unprocessed inputs used in manufacturing or production processes to create goods and products.
Normal Profits
The level of profit that is necessary for a business to remain competitive in the market, typically equal to the opportunity cost of the capital employed.
Plant Size
The capacity or physical dimensions of a facility where goods are manufactured or processed.
Market Demand
The total quantity of a good or service that all consumers in a market are willing and able to purchase at different price levels.
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