cost incurred (a historical or past cost), as distinguished from a budgeted or forecasted cost
another term for unit cost
predicted or forecasted cost (future cost) as distinguished from an actual or historical cost
all manufacturing costs other than direct materials costs
resource sacrificed or foregone to achieve a specific objective
collection of cost data in some organized way by means of an accounting system
assignment of indirect costs to a particular cost object
general term that encompasses both (1) tracing accumulated costs that have a direct relationship to a cost object and (2) allocated accumulated costs that have an indirect relationship to a cost object
a variable that casually affects costs over a given time span (like level of activities or volume)
anything for which a measurement of costs is desired
costs of goods brought to completion, whether they were started before or during the current accounting period
Cost of Goods Manufactured
assigning direct costs to a particular cost object
costs related to a cost object that can be traced to that object in an economically feasible way
D____C____ of a Cost Object
Direct Costs of a Cost Object
D____ Manuf______ L_____ include the compensation of all manufacturing labor that can be traced to the cost object (work in process then finished goods) in an economically feasible way
Direct Manufacturing Labor Costs
Costs of all materials that become part of the cost object (work in process and then finished goods) in an economically feasible way
D____ M____ C____
Direct Material Costs
direct materials in stock and waiting to be used in the manufacturing process
Direct Materials Inventory
goods completed but not yet sold
costs that remain unchanged in total for a given time period, despite wide changes in the related level of total activity or volume
costs related to the particular cost object that cannot be traced to that object in an economically feasible way
In____ C____ of a Cost Object
Indirect Costs of a Cost Object
all manufacturing costs that are related to the cost object (work in process and then finished goods) but that cannot be traced to that cost object in an economically feasible way.
(aka Manufacturing Overhead cost and/or Factory Overhead cost)
In_____ Manuf_____ C____
Indirect Manufacturing Costs
Cost of a product that are considered assets in the balance sheet, until product gets sold, where it'll become cost of goods sold.
companies that purchase materials and components and convert them into various finished goods.
companies that purchase and then sell tangible products without changing their basic form
total revenues minus cost of goods sold and total operating costs (excluding interest expense and income taxes)
TR - TVC - TFC
all costs in the income statement other than cost of goods sold
all direct manufacturing costs
sum of the costs assigned to a product for a specific purpose
inflows of assets (usually cash or accounts receivable) received for products or services provided to customers
companies that provide services or intangible products to their customers
Total cost divided by number of units.
cost that changes in total, in relation to changes in the level of total activity or volume.
goods partially worked on but not yet completed. It's in work in process (aka Work in progress)
W__in P_____ In_____
The range of activity within which assumptions about variable and fixed cost behavior are valid.