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Other costs, such as transportation and even storage of the inventory, are also considered to be inventoriable. For a manufacturing operation, determining the cost of inventory on hand will begin with the actual unit cost of every item that is maintained within an inventory.
ANS: A product cost is one that is associated with making or acquiring inventory. A period cost is any cost other than those associated with making or acquiring products and is not considered inventory. Students will have a variety of examples, but direct material, direct labor, and overhead are product costs. Selling and administrative expenses are considered period costs. A direct cost is one that is physically and conveniently traceable to a cost object. Direct material and direct labor are direct costs.