Hence, the sum of $30,000 is an implicit cost for his sole proprietorship business. Explicit costs are easily identifiable and can be directly linked to specific activities or decisions. They can be categorized and allocated to different cost centers or … Continue Reading →

These costs include the costs of direct materials, direct labor, and manufacturing overhead. They will not be expensed until the finished good are sold and appear on the income statement as cost of goods sold. Period costs are closely related … Continue Reading →

But, such a definition can be misconstrued given that some expenditures (like the cost of acquiring land and buildings) will be of benefit for many years. For instance, in a service business, direct costs might include labor costs, whereas manufacturing … Continue Reading →

Check which file types your accounting software imports and convert to a file with expected file extension. Our iif file tools & apps are online and free, that does not required any registrations and even no installations on your system. … Continue Reading →