Define cost terms (Learning Objectives 3, 4)}

Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

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Prime costs Assigned Cost objects Direct costs Period costs Assets Inventoriable product costs Fringe benefits Cost of goods sold Indirect costs Conversion costs Full product costs a. b. C. can be traced to cost objects. are expensed when incurred. are the combination of direct materials and direct labor. d. Compensation includes wages, salaries, and e. f. g. are treated as until sold. include costs from only the production or purchases element of the value chain. are allocated to cost objects. h. Both direct and indirect costs are. i. j. k. to include costs from every clement of the value chain. are the combination of direct labor and manufacturing overhead. are expensed as when sold. 1. Manufacturing overhead includes all. of production.