Accounting final

process costing

used by companies that manufacture identical units through a series of uniform production steps or processes

job order costing

used by companies that manufacture unique products or provide specialized services

revenue center

Classify each of the managers according to the type of responsibility center he or she manages.

cost center

Classify each of the managers according to the type of responsibility center he or she manages.Manager of the Housekeeping Department at one hotel

investment center

Classify each of the managers according to the type of responsibility center he or she manages: Manager of the H1 Corporate Division

period costs

are operating costs that are expensed in the accounting period in which they are incurred.

profit center

Classify each of the managers according to the type of responsibility center he or she manages:Managers of various corporate-owned hotel locations

DL

Classify​ Lawlor's costs as period costs or product costs. If the costs are product​ costs, further classify as direct​ materials, direct​ labor, or manufacturing overhead. Factory labor for workers assembling weed trimmers

MOH

Classify​ Lawlor's costs as period costs or product costs. If the costs are product​ costs, further classify as direct​ materials, direct​ labor, or manufacturing overhead. Glue to hold housing together

period cost

Classify​ Lawlor's costs as period costs or product costs. If the costs are product​ costs, further classify as direct​ materials, direct​ labor, or manufacturing overhead. Sales commissions

DM

Classify​ Lawlor's costs as period costs or product costs. If the costs are product​ costs, further classify as direct​ materials, direct​ labor, or manufacturing overhead. Shaft and handle of weed trimmer

period cost

Classify​ Lawlor's costs as period costs or product costs. If the costs are product​ costs, further classify as direct​ materials, direct​ labor, or manufacturing overhead. Shipping costs to deliver finished weed trimmers to customers

COGS, sales revenue, period costs

On the income​ statement, __________ is subtracted from __________ to determine gross profit. The __________ are then subtracted to determine operating income.

product costs

are all costs of a product that GAAP requires companies to treat as an asset for external financial reporting. These costs are recorded as an asset​ (inventory) on the balance sheet until the asset is sold. The cost is then transferred to an expense account ​( Cost of Goods Sold ​) on the income statement.