Explain the measures of cost allocation.

Q: What are some management techniques in cost management

A: Cost Management refers to the practice of estimating, recording and closely the monitoring the costs…

Q: What is cost-allocation base? Give three examples?

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With the…

Q: What are the factors Affecting Cost Management?

A: The objective of this question is to identify and explain the various factors that can influence…

Q: Define restructuing costs.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Describe the uses of cost-plus pricing.

A: Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling…

Q: What is a component cost?

A: The most granular description of element costs is the cost components.  Types of cost components are…

Q: Define cost structure.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Distinguish betweenproduct costs and periodcosts and give examplesof each.

A: Product cost: The product cost relates to the manufacturing costs such as direct material, direct…

Q: What are the Step-Cost Behaviors?

A: The objective of this question is to understand the concept of step-cost behaviors in the field of…

Q: Define and discuss the difference between indirect and direct cost. Provide an example of each.

A: Direct costs are expenses for manufacturing and selling products. Direct costs include the cost of…

Q: Describe the components of contribution margin.

A: Contribution Margin: Contribution Margin refers to the margin of profit expected by the company. The…

Q: Examples of varaible cost

A: Variable costs are those costs which changes along with change in level of activity. As production…

Q: Define the term Cost approaches.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: How are joint costs allocated? Explain and analyze using numerical example.

A: Joint Costs In business different costs are incurred in the production process, but in certain…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.