PRODUCT COSTS AND EXTERNAL FINANCIAL REPORTING (CONTINUED 1)
• Direct materials: Materials traceable to the goods or services being produced • Direct labor: Labor that is traceable to the goods or services being produced • Overhead: Production costs other than direct materials and direct labor • Supplies: Materials necessary for production that do not become part of the finished product • Indirect materials: Direct materials that form an insignificant part of the final product that are LO-3 lumped together © 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a passwordprotected website for classroom use.
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