Explain the differences between period cost and product cost. Further explain how each of these costs impact the traditional format and contribution margin statements.

Select one of the following questions to answer in your discussion:

How does cost accounting differ from financial accounting and how, if at all, does the difference impact the ethics involved in serving in either role? How would you relate biblical principles to this question?

Describe the three types of manufacturing cost categories, provide examples of each, and explain how each of these categories impact the contribution margin income statement.

Explain the differences between period cost and product cost. Further explain how each of these costs impact the traditional format and contribution margin statements.

Describe job-order costing and how costs are measured using this method. Provide examples of an organization using job-order costing.

Explain how costs flow under the job-order costing model. Further explain the concept of underapplied and overapplied cost.