Fixed Cost (F) Variable Cost (V) Direct (D) Indirect (1) Product Cost (Prod) Period Cost (Per) Prime Cost (Prime) Conversion Cost (CC) Cost that changes in total in proportion to changes in volume of an activity Cost that does not change in total with changes in volume of an activity Cost that can't be traced to a single cost object Cost that can be traced to a single cost object Expenditures necessary to finished products Expenditures identified more with a time period than finished products Direct Materials, Direct Labor, and Overhead (indirect manufacturing costs) Selling and General Administrative expenses on the Income Statement Direct Labor and Overhead costs incurred when raw materials are converted to finished goods Direct Materials and Direct Labor directly associated with manufacturing finished goood