• October 5th, 2017

9.2 – Discussion Product Costs and Period Costs

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9.2 – Discussion: Product Costs and Period Costs
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9.2 – Discussion: Product Costs and Period Costs
Product Costs
The accomplishment of all operational activities by an organization is characterized by various types of financial and non-financial costs, all of which are incurred at different operation stages. As such, all operational managers must at all times possess strong knowledge of the various types of costs incurred by the organization. Any operation manager who does not have good knowledge in costs risks project failure as various costs may be left out leading to losses. Managers should therefore understand the various cost classifications and the corresponding cost elements so as to accurately incorporate all cost elements in the project. In the case of manufacturing entities, product costs may be classified into three cost elements including direct materials, direct labor, and manufacturing overheads (Diksha, 2017).
Product cost elements may be classified according to the nature of various cost elements. Under this classification, cost elements may be categorized into

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