Define and Discuss on Costing Terminology

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.