Question

identify which of the following transactions and events are product costs and which are period costs

Answer 1

2, 4, 6, 7, 11 transactions and events are period cost and 1, 3, 5, 8, 9, 10 transactions and events are product cost.

What is Product Cost and Period Cost ?

Product Cost is the cost that is imputable to the product, that is the cost which is accountable to the product and is a part of inventory values. On the negatives, Period Cost is just contrary to product cost, as they are not related to product, they cannot be apportioned to the product, as it is charged to the period in which they arise.

Product cost comprises direct materials, direct charges, and direct overheads. Period costs are depend on time and mainly include selling and administration costs like salary, rent, etc.

Product costs are variable cost and period costs are fixed cost.

Learn more about the Product cost here: https://brainly.com/question/28489397

#SPJ4

NOTE: The given question is incomplete on the portal, so here is the complete question.

Question: Identify which of the following transactions and events are product costs and which are period costs:

1. Storage and material handling costs for the raw materials.
2. Los and gain depend on the disposal of factory equipment.
3. Lubricants for machinery and equipment used in production.
4. Depreciation of a factory building.
5. Depreciation of manufacturing equipment.
6. Depreciation of the company president's automobile.
7. Leasehold costs for land on which factory buildings stand.
8. Inspection costs of finished goods.
9. Direct labor cost.
10. Raw-materials cost.
11. Advertising expenses.