A certified public accountant is one who has earned a license in his or her state that attests to a high degree of skill, training, and experience. In addition to passing an accounting examination, a candidate must have the proper business experience, education, and moral character in order to qualify for the license. The letters CPA are commonly used and generally recognized to be the abbreviation for the title Certified Public Accountant.
For manufactured goods, direct costs also include raw materials, labor, and production expenses. Other costs, such as transportation and advertising, are not included in COGS. To calculate COGS, beginning inventory is added to current period purchases, and ending inventory is then deducted.
product costs: -include all costs that are required to make a product-Product costs are: Direct Material, Direct Labor, Manufacturing Overhead-Are included as part of inventory and shown on the balance sheet until the product is sold. Product costs are often called inventoriable costs or manufacturing costs.he cost to ship a product is: period cost and selling because they are costs incurred to make a sale and get the product to the customer. * selling costs are ALWAYS period costs.