Complete the following chart by placing an "X" under the applicable column heading. Classify each cost as a fixed cost or variable cost and as either a direct or indirect product cost or a period cost.
Definitions:
Ordinary Asset
An asset used in a business or trade which is subject to ordinary income tax rates rather than capital gains tax rates if sold or exchanged.
Trade or Business
Trade or Business refers to any activity carried out for the purpose of earning income or profit, involving dealings in goods or services.
Inventory
The total amount of goods and materials on hand that are available for sale or will be used in production.
Tax Bracket
A range of income subject to a particular rate of income tax, with higher incomes typically taxed at higher rates.
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