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Please review the terms “Product Costs” and “Period Costs” in Chapter 18 of your eText. Product...

Please review the terms “Product Costs” and “Period Costs” in Chapter 18 of your eText. Product costs consist of Direct Materials, Direct Labor, and Factory Overhead. Period Costs consist of Administrative Costs and Selling Costs. Please select an item in your home and list the costs necessary to manufacture that item. The manufacturing cost of the item must include the three product costs and the two period costs. Please be sure to identify each cost that you list.
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Answer #1

Product Costs : cost which associated with manufacturing of product is called product cost (eg,Product costs consist of Direct Materials, Direct Labor, and Factory Overhead)

Period Costs: cost which is associated with time or period.( Period Costs consist of Administrative Costs and Selling Costs)

And we have manufacturing unit of Paper plates: I can explain the costs which are relating to that product:( Provided product images also)

Product cost: for one Packet

material: Round cutting paper = $1.5

Labor: To operate machine = $ 0.5

Expenses:Packing = $ 0.2

Periodic cost:

Rent = $ 3

Selling exp= $0.8

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