Two types: Direct Material Cost and Indirect Material Cost
Direct material represents raw material for production
Indirect material necessary for production but not part of the product
Slide3: Element 2: Labor Cost
Cost of salary, wages, bonus, and commission
Divided into Direct Labor Cost and Indirect Labor Cost
Direct labor directly engaged in production operations
Indirect labor supports production operations but not directly involved
Slide4: Element 3: Expenses
Cost of services provided and theoretical cost of asset use
Two types: Direct Expenses and Indirect Expenses
Direct expenses directly identified with a unit of output
Indirect expenses incurred commonly for jobs and processes
Slide5: Summary and Conclusion
Recap the elements of cost: material cost, labor cost, and expenses
Highlight the importance of understanding these elements for manufacturers
Provide link in description for detailed reading or PDF download
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