Part 1: Product Costing
1. Develop a glossary of terms and definitions to be used
by Smith in her presentation and discussions to ensure
consistency and mutual understanding of terms. In addi-
tion to definitions, provide a brief description of the
applicability of terms to Fine Foods. The glossary should
include, but not be limited to:
◆ Cost object
◆ Cost driver
◆ Product vs. period
◆ Fixed vs. variable
◆ Direct vs. indirect
◆ Incremental and common
◆ Relevant vs. irrelevant
◆ Controllable vs. Noncontrollable
◆ Dual allocation (sometimes called departmental)
◆ Volume allocation
◆ Activity-based allocation

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