PRODUCT COST AND PERIOD COST- ALL YOU NEED TO KNOW
Product Cost
As the name suggests, product costs are derived from producing major types of products by the business. Product cost is only incurred when some product is acquired or produced. If there is no production of any goods, the business will incur no product cost.
So if you sell a widget for RS.20 that had RS.10 worth of raw materials, you would record the sale as a credit (increasing) to sales and a debit (increasing) either cash or accounts receivable. The RS.10 direct materials would be a debit to cost of goods sold (increasing) and a credit to inventory (decreasing)……………
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