Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.

a. _______ include costs from only the production or purchases element of the value chain.
b. _______ are allocated to cost objects.
c. The combination of direct materials and direct labour is _______.
d. The combination of direct labour and manufacturing overhead is _______.
e. Both direct and indirect costs are _______ to _______.
f. All _______ of production are included in manufacturing overhead.
g. _______ are expensed when incurred.
h. Wages, salaries, and _______ are considered compensation.
i. _______ include costs from every element of the value chain.
j. _______ can be traced to cost objects.
k. Until sold, _______ are treated as _______.
l. _______ are expensed as _______ when sold.

Transcribed Image Text:

Assigned Assets Cost of goods sold Period costs Indirect costs Fringe benefits Direct costs Inventoriable product costs Cost objects Total costs Prime costs Conversion costs