Humanities Homework Help

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In week two, the discussion will be focused on cost. What is cost, and what costs mean at the most basic level? In this discussion, students will learn cost concepts, i.e., product costs, period costs and expenses, conversion and prime costs, cost drivers (variable and fixed costs), cost management systems (direct or indirect and controllable and uncontrollable costs), and economic cost concepts (opportunity, out-of-pocket, sunk, marginal, average, differential, and incremental costs). This critical chapter will introduce students to the presentation of costs on the financial statement. Specifically, the cost of goods manufactured and sold on the income statement, inventory such as raw materials, work-in-process, and finished goods on the balance sheet

• Explain what is meant by the word cost.
• Distinguish among product costs, period costs, and expenses.