inset Page Layout Formulas Data Review View Help Tell me what you want to do Gen
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inset Page Layout Formulas Data Review View Help Tell me what you want to do General Calibri ??Merge & Cente . $ . % , Conditional Format as Goo Formatting Table 1 u .. . 5-A- mat Painter rd Font Alignment Number Prince & Princess Dog Grooming Services MILESTONE 1- Cost Classification Exercise NSTRUCTIONS: Classily each hem or cost as Direct Material, Direct Labor, Manufacturing Overheed, or Period Costs Place an X in the appropriate column. No numbers are needed The fixed and variable cost clessifications have been provided for you. For more information, see object ve 1 in tem/Covt Material Period Costs Fixed Variable Groomine table Grooming tub nesting sybem Crystal Cleer five gallian a Cage bark et of five Caori mobile carey cart ein roducts usedrouphouExplanation / Answer
Product costs include all direct and indirect costs of producing a product. Utilities and Insurance is an indirect product cost which is needed to make the product. Thus utilities and insurance is not a period cost. Now the question is what type of product cost it is. There are three types of product costs:- Direct materials, Direct labor and manufacturing overhead. Utilities and insurance incurred regularly, thus it is a fixed cost.
Therefore Utilities and insurance is a manufacturing overhead cost and fixed cost.
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