WGU C250 Cost & Managerial| Questions with 100 % correct Answers | Verified

direct cost - a cost that can be easily and conveniently traced to a specific cost object indirect cost - a cost that cannot be easily and conveniently traced to a specific cost object common cost - a indirect cost that is incurred to support a number of cost objects but cannot be traced to them individually manufacturing cost - direct materials, direct labor and manufacturing overhead non-manufacturing costs - selling costs and administrative costs product cost - direct materials + direct labor + manufacturing overhead period cost - selling expense + administrative expense prime cost - direct materials + direct labor conversion cost - direct labor + manufacturing overhead COGS - beginning inventory + purchases - ending inventory opportunity cost - the potential benefit that is given up when one alternative is selected sunk cost - a cost that has already been incurred contribution margin - sales revenue - variable expenses