When a batch of products has been completed, the product unit cost is computed by dividing the…

When a batch of products has been completed, the product unit cost is computed by dividing the total cost of direct materials, direct labor, and overhead by the total number of units produced. The product unit cost can be calculated using the actual, normal, or standard costing method. Under actual costing, the actual costs of direct materials, direct labor, and overhead are used to compare the product unit cost. Under normal costing, the actual costs of direct materials and direct labor are combined with the estimated cost of overhead to determine the product unit cost. Under standard costing, the estimated costs of direct materials, direct labor, and overhead are used to calculate the product unit cost. The components of product cost may be classified as prime costs or conversion costs. Prime costs are the primary costs of production; they are the sum of direct materials costs and direct labor costs. Conversion costs are the costs of converting direct materials into finished products; they are the sum of direct labor costs and overhead costs. Because no products are manufactured in the course of providing services, service organizations have no materials costs. They do, however, have both direct labor costs and overhead costs, which are similar to those in manufacturing organizations. To determine the cost of performing a service, professional labor and service-related overhead costs are included in the analysis.

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