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4 Product costs and period costs FAST FORWARD For the preparation of financial statements, costs are often classified as either product costs or period costs. Product costs are costs identified with goods produced or purchased for resale. Period costs are costs deducted as expenses during the current period. Part A Cost determination and behaviour ⏐ 1: Introduction to management accounting and costing 15 Key terms A product cost is a 'cost of a finished product built up from its cost elements'.
3 Avoidable costs Key term Avoidable costs are costs which would not be incurred if the activity to which they relate did not exist. One of the situations in which it is necessary to identify the avoidable costs is in deciding whether or not to discontinue a product. The only costs which would be saved are the avoidable costs which are usually the variable costs and sometimes some specific costs. Costs which would be incurred whether or not the product is discontinued are known as unavoidable costs.
A B C D Component parts Part-finished work Primary packing materials Supervisor wages Answer A, B and C A, B and C are all examples of direct material costs. The prime cost includes direct material, direct labour and direct expenses. D is an indirect labour cost. 1 Production overhead Production (or factory) overhead includes all indirect material cost, indirect wages and indirect expenses incurred in the factory from receipt of the order until its completion, including: (a) Indirect materials which cannot be traced in the finished product.