Discuss the different types of indirect costs associated with a contracted project that can show up on the income statement for a company.

Cost and Price Analysis (5-7 sentences per question only)

Discuss both direct and indirect labor costs. Provide a minimum of three examples for each cost and explain how companies can estimate them using the Work Breakdown Structure (WBS). Justify your response with real examples in the business industry.

Discuss the different types of nonlabor costs for a project like direct materials. Develop a list that includes common direct costs associated with a business that are not labor related. Explain how these costs could be estimated when submitting a bid for future work. Discuss the different types of nonlabor costs for a project like direct materials.
For more information, view the LinkedIn Learning video: Product Costing Materials and Labor.

Discuss the different types of indirect costs associated with a contracted project that can show up on the income statement for a company. From your text and research, what are some methods that can be used to allocate these costs? Justify your comments