Session #10. Costs Terms, Concepts and Classifications. Exh. 1-2. Comparison of Financial and Managerial Accounting. Direct Materials. Direct Labor. Manufacturing Overhead. Manufacturing Costs. The Product. Direct Materials.
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Costs Terms, Concepts and Classifications
Raw materials that become an integral part of the product and that can be conveniently traced directly to it.
Example:A radio installed in an automobile
Those labor costs that can be easily traced to individual units of product.
Example:Wages paid to automobile assembly workers