Question

Define - in your own words - each of the following related concepts
with the costs of a product or service:
to. 
F. Product costs
g. Raw material / Direct material
h. Direct labor / Direct labor
i. Indirect costs (manufacturing overhead)
j. Selling Costs / Marketing Costs
k. General and administrative costs
2. Mention an example of each of the concepts, behaviors and / or
characteristics of the costs defined in numeral 1.

Answer 1

Product cost: A product cost is an expense incurred to produce a product that is capitalized as inventory. In other words, this costs provide are necessary to manufacturer a finished good and are capitalized on the balance sheet because they provide a future benefit.

Raw material: material used in manufacturing processes which becomes an integral part of the product and the cost of which is identifiable and chargeable directly to it

Direct Labour: Direct labor refers to the salaries and wages paid to workers that can be directly attributed to specific finished products

Indirect cost: indirect costs are those costs not readily identified with a specific project or organizational activity but incurred for the joint benefit of both projects and other activities

Selling cost : Selling expenses are the costs associated with distributing, marketing and selling a product or service. They are one of three kinds of expense that make up a company's operating expenses

General and admin cost: Administrative expenses are expenses an organization incurs that are not directly tied to a specific function such as manufacturing, production or sales

Product cost	direct material and direct Labour
Raw material	sugar for candy
Direct Labour	assembly line workers
Indirect labour	office managers
Selling costs	commission
General and admin cost	rent

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