Match one of the following terms with each definition below, a. Direct labor e. Inventoriable product costs
Question:
Match one of the following terms with each definition below,
a. Direct labor
e. Inventoriable product costs
b. Direct materials
f. Manufacturing overhead
c. Indirect labor g. Period costs
d. Indirect materials
1. Operating costs that are expensed in the period in which they are incurred.
2. Materials that become a physical part of a finished product and whose costs are traceable to the finished product.
3. All manufacturing costs other than direct materials and direct labor.
4. Labor costs that are difficult to trace to specific products.
5. Materials whose costs cannot conveniently be directly traced to particular finished products.
6. Product costs included in inventory, as required by GAAP.
7. The compensation of employees who physically convert materials into the company's products; labor costs that are directly traceable to finished products.
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