basic objective of this article is to Define and Discuss on Costing Terminology. Here explain Costing Terminology in accounting perception. Expenses on an income statement are considered product or period prices. Product costs are those costs assigned a great inventory account that eventually become a part of cost of goods sold. Examples of manufacturing product costs are raw materials used, direct labor, manufacturing area supervisor’s salary, and manufacturing area utilities. In a production company, product costs may also be called manufacturing costs.