1. Are raw materials, labor, and overhead considered to be direct or indirect costs? How do we determine the behavior of these types of costs?

2.In financial accounting, we learned several inventory valuation methods: FIFO, LIFO, W/A. Would these concepts also be relevant to our discussion on inventoriable costs (raw materials, WIP, FG), and how?

3.What are prime costs? What are conversion costs?

4.Let's discuss the statement of cost of goods manufactured (COGM) in relation to COGS and the income statement. What specifically does the statement of COGM reflect? Which accounts and what type of accounts are they (assets, expenses, liabilities, etc.)? What goes into each account? Provide an example.

What are prime costs? What are conversion costs?

What are prime costs? What are conversion costs?

In financial accounting, we learned several inventory valuation methods: FIFO, LIFO, W/A. Would these concepts also be relevant to our discussion on inventoriable costs (raw materials, WIP, FG), and how?In financial accounting, we learned several inventory valuation methods: FIFO, LIFO, W/A. Would these concepts also be relevant to our discussion on inventoriable costs (raw materials, WIP, FG), and how?

In financial accounting, we learned several inventory valuation methods: FIFO, LIFO, W/A. Would these concepts also be relevant to our discussion on inventoriable costs (raw materials, WIP, FG), and how?

In financial accounting, we learned several inventory valuation methods: FIFO, LIFO, W/A. Would these concepts also be relevant to our discussion on inventoriable costs (raw materials, WIP, FG), and how?

In financial accounting, we learned several inventory valuation methods: FIFO, LIFO, W/A. Would these concepts also be relevant to our discussion on inventoriable costs (raw materials, WIP, FG), and how?

In financial accounting, we learned several inventory valuation methods: FIFO, LIFO, W/A. Would these concepts also be relevant to our discussion on inventoriable costs (raw materials, WIP, FG), and how?