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Compose a 1750 words essay on Cost Descriptions Paper. Needs to be plagiarism free!However, the variable cost per unit is fixed for a specific level of production or cost. It will vary in total amount
Compose a 1750 words essay on Cost Descriptions Paper. Needs to be plagiarism free!
However, the variable cost per unit is fixed for a specific level of production or cost. It will vary in total amount proportionately with some measures of business activity, like costs associated with power, maintenance, etc.
Whereas Direct Cost are those cost which can be traced to a specific cost objective or costs which is easily traceable by per unit and allocated through cost centers.
Like direct material, direct labor etc.
Manufacturing Cost is the name of aggregate resources of direct material, direct labor and FOH which is allocated in manufacturing the product. Manufacturing costs are also referred to as production costs. Manufacturing cost also describes how much cost is incurred on each unit produced. By estimating the manufacturing cost, the management is able to value the units produced in a year, cost of goods sold and inventory, which ultimately, is reported in the income statement and balance sheet of the company. Manufacturing costs include all cost from acquisition of material to conversion into finished goods. Packing material, fuel expense, lubricants, depreciation on factory equipments, wages, repair and maintenance, all contribute to the manufacturing cost.
Product Costs are those costs which are identifiable with the product either directly or indirectly. Product cost mainly consists of direct materials, direct labor, and factory overhead.
