What are the three major elements of product costs in a manufacturing company? Define the...
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Accounting
What are the three major elements of product costs in a manufacturing company?
Define the following: (a) direct materials, (b) indirect materials, (c) direct labor, (d) indirect labor, and (e) manufacturing overhead. Explain the difference between a product cost and a period cost. Explain how this information assists managers in decision-making?
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