Direct Costs - Cost that can be conveniently and economically traced to the product/service, Indirect Costs - Costs that cannot be conveniently and economically traced to the product/ service, Direct Materials - Materials directly traceable to the product/ service., Manufacturing Overhead - All production costs except direct materials and direct labor., Direct Labor - Work directly traceable to transforming material into finished product, Prime Costs - Direct Materials +Direct Labor, Conversion Costs - Direct Labor + Manufacturing Overhead, Fixed cost - cost that does not change with changes in quantity, Variable cost - cost that change with each change in quantity of the cost driver, Manufacturing company - THREE types of inventory, Merchandising company - ONE type of inventory, Total Manufacturing Costs - Direct Materials +MOH+Direct Labor, Examples of Manufacturing Overhead are - Indirect Materials, Indirect Labor, All other indirect manufacturing costs, Service company - NO inventory,

306-chpt 3

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