Product costs are costs that are incurred to create a product that is intended for sale to customers. Product costs include direct material (DM), direct labor (DL), and manufacturing overhead period costs (MOH). While their bifurcation is important to reveal gross and net margins, it also assists in cost analysis and control. Management can identify […]
If they cannot find a buyer, the proprietor may pass the business on to a family member or a trusted employee if one exists. A fulsome business plan helps proprietors determine the capital necessary to start up, sustain, and grow the business. Proprietors cannot sell shares, or interest, in their business to raise money. While […]