Basic Concepts of Costing

 
2 Distinguish among product costs, period costs, and expenses.
8 Describe the behavior of variable and fixed costs, in total and on a per-unit basis.
9 Distinguish among direct, indirect, controllable, and uncontrollable costs.



 
2 Diagram and explain the flow of costs through the manufacturing accounts
used in product costing.
4 Compute a predetermined overhead rate and explain its use in job-order costing
for job-shop and batch-production environments.
5 Prepare journal entries to record the costs of direct material, direct labor, and
manufacturing overhead in a job-order costing system.

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