ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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PRODUCT COST Definition
PRODUCT COST is cost of inventory on hand, also called Inventoriable Cost. They are assets until the products are sold. Once they are sold, they become expense, i.e. Cost of Good Sold (COGS). All manufacturing costs are product costs, e.g., direct material, direct labor, and factory overhead.
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REPORTING PERIOD see ACCOUNTING PERIOD.
EXPENDITURE is a cost incurred in the normal course of business to generate revenues. See expenses.