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Elements of cost -Basic cost concepts-Direct materials, Direct labour, Direct expenses and overheads
 
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Elements of cost - Basic cost concepts- By Jitender Kumar{ M.Com. , M.Phil. , C.M.A.(Inter) , C.S.(Inter) , P.G.D.B.A. , P.G.D.F.M. , U.G.C.N.E.T. Qualified }. This is a channel for Financial Accounting, Corporate Accounting, Cost Accounting, Management Accounting and Financial Management. If you have doubts in a particular topic, whatsapp me that topic on my number 8447451771 or write in the comment box. I will definitely try to make tutorial for that topic. Brief description about Mr. Jitender Kumar Mr. Jitender Kumar is a graduate in commerce from Delhi University. He holds M.Com. and M.Phil degrees from Madurai Kamaraj University. He has also obtained Post Graduate Diploma in Financial Management and Post Graduate Diploma in Business Administration from Annamalai University. He qualified Cost and Management Accounting (C.M.A.)(Inter) in his first attempt and obtained All India Rank 48. He also qualified C.S.(Executive) in his first attempt securing first division. He qualified U.G.C.N.E.T. IN June 2012 with an enormous total of 75% marks. Besides this, he holds many certifications from National Stock Exchange(N.S.E.). Since 2002, he has taught many hundreds students. For more videos log on to: https://www.youtube.com/c/JitenderKumar2020 Elements of cost 1) Elements of Cost- Following are the three broad elements of cost (i) Materials (ii) Labour (iii) Expenses I. Materials- The term material may be defined as the substances from which products are manufactured. These materials may be in raw form or manufactured state. For example wood used in the manufacture of furniture is in a raw state whereas cloth used in dress making is in manufactured state. Materials may be direct or indirect. a) Direct Materials- Direct materials are those materials which enter into and become part of the product e.g. wood in furniture, plastic in toys, cloth in dresses etc. These can be easily identified in a product. b) Indirect Materials- Indirect materials are those materials which do not become part of the product. These materials are consumed in the course of manufacture and cannot be easily identified in products e.g. consumable stores, lubricants, cleaning materials for machines, printing and stationery etc. II. Labour- The term labour may be defined as the human effort by which materials are converted into finished products. Labour may be direct or indirect. a) Direct labour- Direct labour is the labour which is actively involved in the production of a particular product. If the concern is engaged in rendering a service, the term direct labour refers to those employees who directly carry out that service e.g. driver, conductor etc of a bus in transport services. b) Indirect labour- Indirect labour is the labour which is not directly engaged in the production process but is engaged to assist or help the production process. Examples of Indirect labour: foreman, Supervisors, storekeepers, directors, office manager, salesman etc.Indirect labour may relate to the factory, the office and the selling and distribution division. III. Expenses- Costs other than materials cost and labour cost are known as expenses e.g. rent of the factory/office/warehouse, electricity bill, insurance of factory/office. Expenses may be direct or indirect. a) Direct expenses- Direct expenses or chargeable expenses are those expenses which can be directly and easily allocated to specific cost units/centers. These are the expenses which are specifically incurred for the production of a particular product. An important feature of direct expense is that it relates to a specific work order. If it relates to a number of work orders it would be treated as an indirect expense. b) Indirect expenses- Indirect expenses are those expenses which cannot be directly and easily allocated to specific cost units/centers. Examples of such expenses are rent of factory /office /warehouse, insurance of factory/office/warehouse, electricity bill, depreciation of machinery and furniture ,advertisement expenses, bad-debts, carriage outward, packing expenses etc. Indirect expenses may relate to the factory, office and the selling and distribution division. IV. Overheads- The total of indirect materials, indirect labour and indirect expenses is termed as overheads. Overheads may be classified into three groups: i) Factory overheads ii) Office and Administration overheads iii) Selling and Distribution overheads The total of office and administration overheads and selling and distribution overheads is known as general overheads.
Views: 12567 Jitender Kumar
PRODUCT DESIGN: COST ELEMENTS IN PRODUCT DEVELOPMENT
 
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NRE cost, PRODUCT COST OPTIMISATION
Manufacturing Costs (Direct Materials, Labor, Manufacturing Overhead) and Product and Period Costs.
 
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Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu ​Costs can be split up into manufacturing and non-manufacturing costs. We'll look over certain direct and indirect costs and decide how they should be categorized. This tutorial will come in handy when we begin to prepare Cost of Goods Manufactured Statements! Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 65407 Notepirate
SAP Product  Costing  Training - Maintain Overhead Cost  Elements
 
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SAP Product Costing Training http://www.amazon.com/dp/B00R0AW47K Transaction Code - KA06 Maintain Overhead Cost Elements Overhead cost elements: IMG à Controlling à Product Cost Controlling à Product Cost Planning à Basic Settings for Material Costing à Overhead à Maintain Overhead Cost Elements Overhead cost elements used to define overhead to products
Views: 3533 sapfico cin
[#1] Introduction to Cost Accounting - (COST SHEET) :-by kauserwise
 
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Introduction to Cost Accounting - (COST SHEET) Accounting tutorial, Elements of costs, Material cost, Labour cost, other expenses, Direct material cost, indirect material cost, direct labour cost, indirect labour cost, direct other expenses, indirect other expenses. Over heads. Factory over heads, office and administrative over heads, selling and distribution over heads. To watch more tutorials pls visit: www.youtube.com/c/kauserwise * Financial Accounts * Corporate accounts * Cost and Management accounts * Operations Research Playlists: For Financial accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnojfVAucCUHGmcAay_1ov46 For Cost and Management accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnpgUjlVR-znIRMFVF0A_aaA For Corporate accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnorJc6lonRWP4b39sZgUEhx For Operations Research - https://www.youtube.com/playlist?list=PLabr9RWfBcnoLyXr4Y7MzmHSu3bDjLvhu
Views: 669779 Kauser Wise
3 Types of Manufacturing Costs (Direct Materials, Direct Labor, Manufacturing Overhead)
 
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This videos identifies and defines the three types of manufacturing costs: Direct Materials, Direct Labor, and Manufacturing Overhead. The video also provides examples of each type of manufacturing cost to better illustrate the concepts. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 142352 Edspira
Price Comparison (Most Expensive Substance - per kg)
 
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Animated comparison of some of the most expensive material (per kg) in the world. And how big is stacks of money you will need to buy that. From cheap stuffs such as Iron ore & Granite, to expensive stuff such as Silver & Ivory, to super expensive stuff such as Diamond, Ruby & Sapphire, all the way to the extremely insanely expensive stuff such as Californium, Platinum 190 & Antimatter, and even beyond... Featured Comparisons: Tap Water, Limestone, Iron Ore, Granite, Marble, Steel, Wood Pulp, Cotton Wool, Rubber, Graphite, Aluminium, Lead, Zinc, Paper, Copper, Brass, Raw Quartz, Nickel, Tin, Bismuth, Mercury, Silk, Uranium, Shark Fin, Tobacco, Crystals, Human Blood, Silver, Amethyst, Amber, Elephant Ivory, Meteorite Chrondrite, Tiger Bones, Saffron, Rubidium, Osmium, Iridium, Topaz, T-Rex Bones, Platinum, Gold, Rhino Horns, White Topaz, Cesium, White Zircon, Lunar Meteorite, Uncut Diamond, Martian Meteorite, Human Heart, Emerald, Aquamarine, Sapphire, Ruby, Plutonium, Diamond. Taffeite, Scorpion Venom, Tritium, Painite, Grandidierite, Americium 243. Naglazyme, Blue Garnet, Red Diamond, Californium, Platinum 190, Endoheral Fullerene, Astatine, Francium, Anti Matter, Element 118 (Oganesson) Note: Figures listed here are only a rough estimate based on available sources. Figures will likely fluctuate and may not be the most accurate representation of the economy prices. Figures also do not take into account inflation. Music Used: Road to Kilcoo - Jason Shaw (audionautix.com)
Views: 7970261 Reigarw Comparisons
Basic Product Costing Concepts.mp4
 
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Basic product costing concepts video
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vl 2 4 components of product costs
 
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Defining definition of various components of full costing, including absorption costs, variable cost and contribution margin
Views: 182 Anthony Carro
Chapter1- cost elements
 
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Section 1, Chapter1- Cost elemnts
Introduction to Primary and Secondary Cost Elements | Cost Element Basic Screen
 
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SAP FICO Training & Certification provided Online from USA industry expert trainers with real time project experience. This video is a Video recording of a Live Webinar presentation done by our Sr. SAP Trainer who is also a Manager. COURSE PAGE: https://www.zarantech.com/sap-fico-training/ REGISTER FOR FREE LIVE DEMO:http://promo.zarantech.com/free-webinar-sap-fico/ CONTACT: +1 (515) 309-7846 (or) Email - [email protected] Get More Free Videos - Subscribe ➜ https://goo.gl/5ZqDML "SAP FICO tutorial" "free FICO training" "online SAP FICO training" "Best SAP FICO training" "SAP FICO training for Beginners" "Best SAP FICO Training" Reviews / Testimonials from past trainees are saying: https://goo.gl/ZVfnE4 Refer your friends to ZaranTech - http://www.zarantech.com/be-a-friend-tell-a-friend
Views: 3333 ZaranTech
Product Costs in Manufacturing (direct labor, direct materials, and Overhead expenses )👌
 
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Product Costs Product cost refers to the costs used to create a product. These costs include direct labor, direct materials, consumable production supplies, and factory overhead. To like us on Facebook, visit https://www.facebook.com/accountingPlusS/ Subscribe us: https://www.youtube.com/accountingplus Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product. Direct labor cost is wages that are incurred in order to produce specific goods or provide specific services to customers. Overhead expenses are all costs on the income statement except for direct labor, direct materials, and direct expenses. Overhead expenses include accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities. Product cost formula Product cost = Direct materials + Direct labor + Overhead expenses Product cost per unit = Direct materials + Direct labor + Overhead expenses/ Total production units Product Costs Example Product cost = $5,000+1,000+4,000 = 10,000 #Productcosts #Accounting #PC
Views: 211 Accountingplus
Costing of Machined Parts
 
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Anyone who has spent time costing manufactured products knows that costing of machined parts is the benchmark by which all cost estimating software is measured. aPriori excels in this challenge. Check out this short 3" video to Learn More.
Views: 8551 aPrioriTech
Absorption Costing - Costs and Costing Techniques - Learn Accounting Online
 
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COSTS AND COSTING TECHINQUES The different elements of costs are materials, labour and expenses. The elements of costs can broadly be put into two categories. 1. Fixed costs 2. Variable costs Fixed cost are those which do not vary, but remain constant within a given period of time, inspite of fluctuations in production. The examples of fixed costs are rent, insurance charges, management salaries, etc. On the other hand, variable costs are those which vary in direct proportion to any change in the volume of output. The costs of direct material, direct wages etc, can be put into this category. The cost of a product can be ascertained by any of the following two costing techniques: 1. Absorption costing Technique 2. Marginal Costing Techigue Absorbtion costing technique is also termed as ''TRADITIONAL or FULL COST METHOD''. According to this method, the cost of a product is determined after considering both fixed and variable costs. The variable costs, such as those of direct materials, direct labour, etc. are directly charged to the products, while the fixed costs are approportioned on a suitable basis over different products, manufactured during a period. Thus, in the case of absorption costing, all costs are identified with the manufactured products. Advantages of absorption costing: It recognizes the importance of fixed costs in production. This method is accepted by Inland revenue, as stock is not undervalued. This method is always used to prepare financial accounts. When production remains constant, but sales fluctuate absorption costing will show less fluctuation in net profit. Unlike marginal costing, where fixed costs are agreed to change into variable cost, it is cost into the stock value, hence distorting stock valuation. Disadvantages of absorption costing: It assumes that prices are simply a function of costs. It does not take the account of demand. It includes past costs which may not be relevant to the pricing decision at hand. It does not provide information which aids decision-making in a rapidly changing market environment.As the manager's emphasis is on total cost, the cost-volume-profit relationship is ignored. The manager needs to use his intuition to make the decision.
Views: 62730 Alternate Learning
Product cost vs period cost
 
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What is a product cost versus a period cost? Let’s discuss the accounting concepts product cost and period cost with some easy to understand examples. Product costs include all the costs that are involved in acquiring or making product. Product costs are viewed as "attaching" to units of product as the goods are purchased or manufactured. Period costs are expensed on the income statement in the period in which they are incurred. Period costs are not a necessary part of the manufacturing process. As a result, period costs cannot be assigned to the products or to the cost of inventory. Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business and #accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investing decisions. Philip delivers #financetraining in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
ELEMENTS OF COST
 
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For more videos : www.salmancoolguru.com or subscribe : www.youtube.com/salman2071
Views: 3013 SALMAN SHAIKH
Cost Sheet Format in detail || Cost Accounting || Short & Simple
 
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For any queries, contact me on my social media https://www.facebook.com/Ruchi2Learn/ https://twitter.com/Ruchi2L Email Id : [email protected] Useful for CA, CS, ICWA, CMA, MBA, MCOM, BCOM, BAF, BBI, BFM, LLB and all finance related subjects Prologue to Cost Accounting - (COST SHEET) Accounting instructional exercise, Elements of costs, Material cost, Labor cost, different costs, Direct material cost, roundabout material cost, coordinate work cost, backhanded work cost, coordinate different costs, circuitous different costs. Overheads. Processing plant overheads, office and authoritative overheads, offering and appropriation overheads
Views: 142499 Ruchi2Learn
Cost component structure in SAP Product Costing
 
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This video about how to create cost component structure in product costing. if you any queries you can send mail to my id:[email protected] /Call @ 9902312118.
Views: 14430 SAP FICO Vision
Cost Accounting meaning in hindi and its elements
 
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Cost Accounting meaning in hindi and its elements BOOK FOR UGC NET https://amzn.to/2NAhULB
Views: 110857 Jyoti rani
Co  -  Cost element accounting
 
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Controlling
Views: 2913 S Channel
Cost components
 
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Views: 364 Diane WOODROFFE
Production budget [Normal Loss in Production] with Solved problem :-by kauserwise
 
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▓▓▓▓░░░░───CONTRIBUTION ───░░░▓▓▓▓ If you like this video and wish to support this kauserwise channel, please contribute via, * Paytm a/c : 7401428918 * Paypal a/c : www.paypal.me/kauserwisetutorial [Every contribution is helpful] Thanks & All the Best!!! ─────────────────────────── Production Budget when normal or abnormal loss in production :- simple explanation with solved problem. This video contains 2 important factors and 5 key elements and 3 advantages and Solved problem. How to prepare production budget. Budgetary control, Cost of production, Total production, Estimation of production, how to prepare production budget, methods of budget, number of units to be produced.
Views: 66889 Kauser Wise
Product Costing - Additive Cost Scenario
 
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Additive Costing Scenario helps to include freight costs part of standard cost. This scenario is used for coming up freight cost part of standard cost. Inter Plant Transfer Freight Cost etc., There was one minute screen display problem exist otherwise entire scenario covered here If you need any Training in SAP FICO area please contact [email protected]
Views: 4128 SAP and Cloud
Raw Material Cost   with Overhead Cost
 
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Raw Material Cost Estimation can include base Component Price and a % of Overhead which is calculated on various elements. In this Business Process, Overhead Group and Overhead Type keys are used for pulling the Costing Sheet values and add values to Raw Material Cost
Views: 1104 SAP and Cloud
Cost Behavior: Fixed, Variable, Mixed, and Step Costs
 
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This video describes the way four different types of costs behave: Variable, Fixed, Mixed and Step. ********************************************************** C’s get degrees, but they don’t get jobs. College is about earning a high GPA and getting the knowledge you need to succeed in your career. To get that knowledge you need to do the reading for your classes, but we all know it’s boring and time-consuming. What if I told you you could eliminate up to 80% of the reading required in your classes, while actually doing better on your exams? Learn more at https://www.collegesuccesshacks.com ******************* NEED MORE HELP? *********************** For more help with cost behavior?: Variable Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/variable-cost/ Fixed Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/fixed-cost/ Mixed Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/mixed-cost/ Mixed Cost and the High-Low Method: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/mixed-cost-and-the-high-low-method/ Introduction to Fixed and Variable Costs: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/cost-behavior-introduction-to-fixed-and-variable-costs/ For more help with your managerial/cost accounting course: https://accountinginfocus.com/managerialcost-accounting/ For information about Accounting In Focus: https://accountinginfocus.com *************** FREE 30-MINUTE TUTORING SESSION ************* Get great tutoring at an affordable price with Chegg. Use our affiliate link to get your first 30 minutes FREE. http://chggtrx.com/click.track?CID=286409&AFID=424689&ADID=1873486&SID ********************** FOLLOW ME *************************** Facebook: Facebook.com/accountinginfocus Twitter: Twitter.com/KristinLIngram Instagram: Instagram.com/KristinIngramCPA
Views: 40767 Kristin Ingram
Basic cost concepts -lecture 3 - product cost and period cost
 
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This is continuation video of already uploaded basic cost concepts, which specifically deals with product cost and period cost concepts in depth
Marginal Costing Techinque - Learn Accounting Online
 
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Objective of this video: What are the elements of cost ? What are the two most important costing techniques ? What is marginal costing technique ? What is contribution ? The different elements of costs are materials, labour and expense. The elements of costs can broadly be put into two categories. Fixed costs are those which do not vary, but remain constant within a given period of time, inspite of fluctuations in production. The examples of fixed costs are rent, insurance charges, management salaries, etc. On the other hand, variable costs are those which vary in direct proportion to any change in the volume of output. The costs of direct material, direct wages, etc. can be put into this category. The cost of a product can be ascertained by any of the following two techniques. Marginal costing: This technique is a definite improvement over the technique of absorption costing. According to this technique, only the variable costs are considered in calculating the cost of the product, while fixed costs are charged against the revenue of the period. The marginal cost of a product is its "VARIABLE COST". There are different phrases being used for this technique of costing. In UK, marginal costing is a popular phrase, whereas in US, it is known as ''DIRECT COSTING'' and is used in place of marginal costing. ''VARIABLE COSTING'' is another name of ''MARGINAL COSTING''. Contribution: Marginal costing technique has given birth to a very useful concept of ''contribution'' where contribution is given by sales revenue less marginal cost (variable cost). Contribution may be defined as the profit before the recovery of fixed costs. Thus, contribution goes towards the recovery of fixed cost and profit, and is equal to fixed cost plus profit (C = F + P). Contribution = Fixed cost + Profit In case, a firm neither makes profit nor suffers losses, contribution will be just equal to fixed cost (C = F). This is known as ''BREAK EVEN POINT''. The concept of contribution is very useful in marginal costing. It has a fixed relation with the sales. PRINCIPLES OF MARGINAL COSTING TECHNIQUE Since fixed costs relate to a period of time, and do not change with increase or decrease in sales volume, it is misleading to charge units of sale with a share of fixed costs. When a unit of product is made, the extra costs incurred in its manufacturing are the variable production costs. Fixed costs are unaffected, and no extra fixed costs are incurred when output is increased.
Views: 36620 Alternate Learning
Concept Of Cost In Hindi / लागत की अवधारणा
 
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concept of cost An amount that has to be paid or given up in order to get something. In business, cost is usually a monetary valuation of effort, material, resources, time and utilities consumed, risks incurred, and opportunity forgone in production and delivery of a good or service. All expenses are costs, but not all costs (such as those incurred in acquisition of an income-generating asset) are expenses. In business and accounting, cost is the monetary value that a company has spent in order to produce something Cost denotes the amount of money that a company spends on the creation or production of goods or services. From a seller’s point of view, cost is the amount of money that is spent to produce a good or product. If a producer were to sell his products at the production price, his costs and income would break even, meaning that he would not lose money on the sales. However, he would not make a profit. From a buyer’s point of view the cost of a product is also known as the price. This is the amount that the seller charges for a product, and it includes both the production cost and the mark-up, which is added by the seller in order to make a profit. Fixed Cost Variable Cost Fixed Cost : A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold. Fixed costs are expenses that have to be paid by a company, independent of any business activity. Total Cost = Total Fixed Cost + Total Variable Cost TC = TFC + TVC Opportunity Cost Money Cost Real Cost Private Cost and Social Cost Accounting Cost and Economic Cost Implicit Cost and Explicit Cost Economic Cost= Implicit Cost + Explicit Cost
Views: 15592 Know Economics
Cost Accounting : Overheads
 
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Please watch: "A Must watch video for CA CS or CMA students | Study with coach Episode 1" https://www.youtube.com/watch?v=303mUlEiGjw --~-- Download Full Video on Overhead : http://www.cacscmacoach.com/foh
CO PC Mater Data Elements
 
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SAP Product Costing Master Data elements.
Views: 1589 SAP and Cloud
Variable Cost, Fixed Cost and Mixed Cost | Managerial Accounting | CMA Exam | Ch 2 P 3
 
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Variable Cost A variable cost varies, in total, in direct proportion to changes in the level of activity. Common examples of variable costs include cost of goods sold for a merchandising company, direct materials, direct labor, variable elements of manufacturing overhead, such as indirect materials, supplies, and power, and variable elements of selling and administrative expenses, such as commissions and shipping costs.2 For a cost to be variable, it must be variable with respect to something. That “something” is its activity base. An activity base is a measure of whatever causes the incurrence of a variable cost. An activity base is sometimes referred to as a cost driver. Some of the most common activity bases are direct labor-hours, machine-hours, units produced, and units sold. Other examples of activity bases (cost drivers) include the number of miles driven by salespersons, the number of pounds of laundry cleaned by a hotel, the number of calls handled by technical support staff at a software company, and the number of beds occupied in a hospital. While there are many activity bases within organizations, throughout this textbook, unless stated otherwise, you should assume that the activity base under consideration is the total volume of goods and services provided by the organization. We will specify the activity base only when it is something other than total output. variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format income statement, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost. Fixed Cost A fixed cost is a cost that remains constant, in total, regardless of changes in the level of activity. Examples of fixed costs include straight-line depreciation, insurance, property taxes, rent, supervisory salaries, administrative salaries, and advertising. Unlike variable costs, fixed costs are not affected by changes in activity. Consequently, as the activity level rises and falls, total fixed costs remain constant unless influenced by some outside force, such as a landlord increasing your monthly rental expense. The Linearity Assumption and the Relevant Range Management accountants ordinarily assume that costs are strictly linear; that is, the relation between cost on the one hand and activity on the other can be represented by a straight line. Economists point out that many costs are actually curvilinear; that is, the relation between cost and activity is a curve. Nevertheless, even if a cost is not strictly linear, it can be approximated within a narrow band of activity known as the relevant range by a straight line. The relevant range is the range of activity within which the assumption that cost behavior is strictly linear is reasonably valid. Mixed Costs A mixed cost contains both variable and fixed cost elements. Mixed costs are also known as semivariable costs. Managers can use a variety of methods to estimate the fixed and variable components of a mixed cost such as account analysis, the engineering approach, the high-low method, and least-squares regression analysis. In account analysis, an account is classified as either variable or fixed based on the analyst’s prior knowledge of how the cost in the account behaves. For example, direct materials would be classified as variable and a building lease cost would be classified as fixed because of the nature of those costs. The engineering approach to cost analysis involves a detailed analysis of what cost behavior should be, based on an industrial engineer’s evaluation of the production methods to be used, the materials specifications, labor requirements, equipment usage, production efficiency, power consumption, and so on. The first step in applying the high-low method or the least-squares regression method is to diagnose cost behavior with a scattergraph plot.Two things should be noted about this scattergraph: The total maintenance cost, Y, is plotted on the vertical axis. Cost is known as the dependent variable because the amount of cost incurred during a period depends on the level of activity for the period. (That is, as the level of activity increases, total cost will also ordinarily increase.) The activity, X (patient-days in this case), is plotted on the horizontal axis. Activity is known as the independent variable because it causes variations in the cost. From the scattergraph plot, it is evident that maintenance costs do increase with the number of patient-days in an approximately linear fashion. In other words, the points lie more or less along a straight line that slopes upward and to the right. Cost behavior is considered linear whenever a straight line is a reasonable approximation for the relation between cost and activity.
[#2]Cost sheet with Inventories [Comprehensive Problem] Cost Sheet tutorial by:- Kauserwise
 
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Here is the video about Cost sheet with Inventories - comprehensive problem in Cost accounting, In this video we have done a Comprehensive problem on Cost Sheet, and We explained briefly what is cost sheet, order of cost sheet classifications and cost sheet format. hope this will help you to get the subject knowledge at the end. Thanks and All the best. To watch more tutorials pls visit: www.youtube.com/c/kauserwise * Financial Accounts * Corporate accounts * Cost and Management accounts * Operations Research Playlists: For Financial accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnojfVAucCUHGmcAay_1ov46 For Cost and Management accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnpgUjlVR-znIRMFVF0A_aaA For Corporate accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnorJc6lonRWP4b39sZgUEhx For Operations Research - https://www.youtube.com/playlist?list=PLabr9RWfBcnoLyXr4Y7MzmHSu3bDjLvhu For Statisctics - https://www.youtube.com/playlist?list=PLabr9RWfBcnoJi5snMQQzDGYmb4ydFpTs
Views: 214069 Kauser Wise
Product Costing
 
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How products are costed, with an emphasis on standard costing: explore manufactured and purchased item costing, average costing, job costing, and user-defined costing elements. Learn more at http://www.xTupleUniversity.com
Views: 232 xTupleERP
Understanding Sheet Metal Costs
 
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Hi! My name is Rob Olney from ETM Manufacturing and I am here to talk to you about costing sheet metal parts. We've just released a FREE eBook about 40 pages on how to cost sheet metal parts. I'm going to walk you through the basics. There are 4 basic elements, the first is Materials. You'll want to take your sheet metal part and unfold it so you get a flat sheet and use the X and Y dimensions, multiply by the thickness, and then multiply by the density of the material and then multiply that by the dollar per pound. $/lb can be found on the LME Index with some adjustments and there is more detail in our eBook. That will get you raw material. The next thing you'll want to go after is your hardware material. Either you'll go to your local distributor for PEM hardware, or you'll go to McMaster-Carr or Grainger or a number of other resources to get that costing and that will get you your hardware costs. Next you'll want to take a look at your labor -- that's another big element of the cost of a sheet metal part. And you want to estimate how much time it will take you to punch or laser cut the part, how much time it will take you to deburr it, how much time it will take you to form each of the bends, all the way through to weld, grind, assemble, ship. Each amount of time is multiplied by the labor rate for that particular work center. And that ranges anywhere from $12 all the way up to $24/hr. Details can be found on salary.com for hourly rate. The next biggest impact on sheet metal costs is the overhead. That can be employee specific overhead (for example, workers comp insurance, health insurance, payroll taxes). It can also be plant and equipment overhead (for example, depreciation on the equipment, or the energy/utility type of bills as well as the rent that is paid for the building). And that can be on a per hour basis usually around $20 to $30 per hour for that kind of overhead. Lastly every metal fabricator has some amount of profit. Industry average is 2 -- 3%. So, you'll want to take your material costs, plus your labor, plus your overhead, add that up, add 2 -- 3% for profit and that will give you total estimated sheet metal cost. Then as you compare your pricing from your suppliers to your estimated total, you'll understand a little bit more about their overhead costs, whether higher or lower, or their labor costs, whether higher or lower, or their material costs, whether higher or lower. If you want to read more about this, go to our website at www.etmmfg.com for the free eBook on saving costs. Thank you very much.
Views: 10288 ETMmfg
Cost in Production | Prime Cost | Factory Cost | Factory Overheads | Total Cost.....Selling Cost
 
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1. Cost in Production | Prime Cost | Factory Cost | Factory Overheads | Total Cost.....Selling Cost 2. Engineering 3. Industrial Engineering 4. Mechanical Engineering 5. Cost in Production 6. Prime Cost 7. Factory Cost 8. Factory Overheads 9. Total Cost 10. Selling Cost
Views: 168 KsL Campus
How to do Cost Element Accounting in SAP FICO
 
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Cost Element Accounting is the area of cost accounting where you track and structure the costs incurred during a settlement period. In this case, the cost element represents the link between the account in Financial Accounting (FI) and the cost element in Controlling (CO). Further cost elements can be created specifically for allocating costs from Cost Center Accounting to Profitability Analysis. Integration In an integrated accounting system such as the SAP system, you do not need to enter cost data separately. This is because each business transaction that involves costs updates the CO component with detailed information on the cost element and on the account assignment object itself. Each consumption transaction in Material Management (MM), each billing in Sales and Distribution (SD) (= revenue), and each external transaction for invoice verification flows directly through the G/L Account (= cost element) to the corresponding account assignment object. Features Cost Element Accounting is often used to provide a high-level overview of the costs within an organization by object type or object class. Sometimes the postings in FI do not match the timing required in CO. In CO, you can choose to create rules for accruals to spread costs posted in a single period to multiple periods. You can also choose to take a different approach. Thus you can have multiple different approaches to the depreciation of fixed assets, but only transfer some of these postings to CO. If you allow cross-company postings in CO, for example, by defining assessment cycles that cross several company codes, then you need to be aware that real-time integration is needed to bring these postings into FI.
Views: 2761 SAP Tutor Channel
SAP CO Product Cost Controlling: Process a Costing Run
 
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SAP CO Product Cost Controlling: Process a Costing Run in sap erp Process a Costing Run How to Review the Results of a Costing Run How to Handle Errors in the Costing Run Как обновить стандартную цену в основной записи материала Как запустить стандартную калькуляцию в сап Как вычислить стандартную цену материала ОЗМ в сап Расчет стандартной цены в sap Как обработать ошибки в калькуляции Course sap AC506 Basics of Product Cost Planning https://training.sap.com/shop/learninghub
Views: 1832 SAP ERP Education
#23, Types of cost in economics and cost function (microeconomics -  Class 11 and 12)
 
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Class 12 microeconomics.... types of cost Introduction of cost... Cost function..... Types of cost... Total fixed cost... Total variable cost.... Total cost...... Cont for my book....7690041256 Economics on your tips video 23 Our books are now available on Amazon Special Combo - Economics on your tips Micro + Macro http://amzn.in/d/eSxj5Ui Economics on your tips Macroeconomics http://amzn.in/d/2AMX85O Economics on your tips Microeconomics http://amzn.in/d/cZykZVK Official series of playlists UG courses ( bcom, bba, bca, ba, honours) – https://www.youtube.com/playlist?list=PLgC10_Xv-BGirAqOr-hU8e-N_Nz0UpgJ- Micro economics complete course – https://www.youtube.com/playlist?list=PLgC10_Xv-BGg5n3YU6oEV7_HIzBuEbbOz Macro economics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGg2ORORpILqiDR1gyH3MkXw Statistics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGjrAkDyeMioJ7DEexAEeVdt National income – https://www.youtube.com/playlist?list=PLgC10_Xv-BGjpE-1V4uz_0wvvbZQnSsj_ In order to promote us and help us grow Paytm on - 7690041256 Link for the previous video(video 22) causes of increasing,decreasing nd -ve return(Class 12 microeconomics)economics on your tips video22 - YouTube https://www.youtube.com/watch?v=oNi1cPTwRnE Link for the next video(video 24) Class 12 microeconomics (types of cost) economics on your tips video 24 - YouTube https://www.youtube.com/watch?v=YD5ZZrhWu7M
Views: 504085 Economics on your tips
SAP Product Costing Training Content
 
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Detailed description of contents to be covered part of SAP Product Costing Training. This is based on experienced Training. All components of Product Costing will be discussed very detail - Including Integration with Production Planning for BOM and Rounting, Work Center, Activity Types, Cost Centers, Integration with Material Ledger will be covered Please contact - [email protected] Call - 1-619-800-1235
Views: 7148 SAP and Cloud
Introduction to Cost and Management Accounting__Keep It Simple
 
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Subscribe and watch more on MINDMAPLAB: http://bit.ly/2J6Eggr Chat with the Creator: https://youtu.be/addme/LnvNDhGxDRv44QZFZWV00f3pDLduXQ http://www.MindMapLab.com presents the most simplified video of Introduction to Cost and Management Accounting you have ever watched. The #mindmaplab is an educational platform Visit our website:http://www.mindmaplab.com Join us on: https://www.facebook.com/mindmaplab https://www.instagram.com/mindmaplab https://www.twitter.com/mindmaplab About this video: General understanding of cost and management accounting Cost Accounting involves the calculation and measurement of the resources used by a business in undertaking its various activities and is concerned with identifying cost of various things ( i.e. gathering data about cost of 'products' or 'services' and 'cost of activities'), whereas Management accounting includes cost accounting as one of its discipline but is wider in scope. Types of organizations Manufacturing organizations Types of costing systems they use: • Basic manufacturing costing. • Standard costing. • Process costing. • Job costing. Service organizations Types of costing systems they use: • Standard costing. • Job costing. Classification: By Type Material costs Material costs are the costs of any material items purchased with the intention of using them in fairly short term future. For example • Raw material that go into the production process. Labour costs Labour costs are the employees remuneration costs paid by the entity and includes; wages and salaries Other expenses That costs which are not Material/ Labour costs and includes; cost of services provided by external suppliers, telephone cost, rental costs, depreciation charges. Classification: By Function Production costs The costs that are incurred in manufacturing finished products up to the time goods are completed. Includes: • Material costs: of raw materials and components used in production. • Labour costs: of all employees working for the manufacturing function. • Other Expenses. Non- Production costs Includes: Administrative costs Cost of providing administrative services to entity, usually includes; • Salaries to staff in administration. Selling and Distribution costs The costs incurred in marketing and selling good or services to customers and costs of delivering the goods. They usually include; • Salaries to staff in selling and distribution. • Other costs incurred for selling and distribution department. Finance costs These are the costs that are involved in financing the organization, e.g : Loan interest Bank O/D Classification: Direct and Indirect costs Direct costs Costs that can be traced in FULL to a cost unit i,e. A direct cost can be attributed in its entirety to the cost of an item that is being produced. The following are direct costs: Direct Material All the materials that are used directly in manufacturing a product or providing service. Direct materials includes both raw materials and components. Direct Labour These are specific costs associated with labour-time spent directly on production of goods or services. Direct Expenses Expenses that can be attributed directly in full to a cost unit i,e. that have been incurred in full in making a unit of product/service . Indirect costs (overheads) • An indirect cost (overhead cost) is any cost that is not a direct costs. • Indirect costs cannot be attributed directly and full to a cost unit. • Indirect costs include production overheads and non-production overheads. Each of these might include the following: Indirect Material Indirect material are any materials that are used/consumed that cannot be attributed in full to the item.. They are treated as overhead costs, maybe classified as production overheads, administration overheads, selling and distribution overheads. Indirect Labour They mainly consists of the costs of indirect labour employees (who do not work directly on items that are produced) but may be necessary so that production takes place. Product Cost • Product cost include the prime cost Plus production overhead. • Product cost are associated with goods that are produced or purchased for resale. • They are inventory and only expended out when sold. Period Cost • The costs that do not contribute towards the value of inventory. • These are expensed in the period in which they occur. Cost behavior • Understanding of cost behavior helps to; 1. forecast/plan what costs ought to be. 2. compare actual cost with budgeted. Costs are classify on Behavior as; Fixed Cost • These costs remain fixed/same in total during a period no matter how many units are produced and regardless the volume or scale of a activity. Semi-Variable cost Stepped cost Variable Cost • These costs increase usually by the same amount for each additional unit of product or service provided. Hashtags: #accounting, #acca, #ifrs, #videolectures, #tutorial, #charteredaccountant, #gaap
Views: 288 MindMap
Concept 3.1: Product and period costs
 
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Topic 8 - Product costing
 
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A recording of Lecture 8 of Accounting for Managerial Decisions for the Autumn 2016 session. Provides an introduction to product costing. Recorded on May 19, 2016.
Views: 3564 drdavebond
Class 12 Business Studies Chapter 11 Price - Element of Marketing Mix
 
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Price must match the benefits offered by the product or service. The customer will be ready to pay the price equal to benefits they get from the product. It is expressed in monetary terms. It may be called with different names such as CA charges in the name of fees, school charges in the name of tuition fees, etc. Price Mix refers to important decisions related to fixing of price of a product. Decisions are related to price of competitors, demand, fixing cost, etc. Factors to consider while fixing the price of a product: a. Pricing objectives – Every firm has an objective which helps in deciding the price. For example, if company has profit maximization objective, then price of product will be at higher side, whereas if company has sales volume to increase as an objective, then they will keep the prices low to increase the sale and capture a big share in the market. If special image has to be created as a company’s objective, then prices are kept high for example Rado watches, Mercedes, etc. cannot lower the prices. Apart from all these objectives, firms have other objectives such as : 1. Big share in market – if firm wants to achieve bigger share in the market, it has to keep prices low so that more people are attracted and buy the product. 2. Competitive market – survival in competitive market is quite difficult, so firms have to reduce the price by offering discount schemes. b. Product Cost – While fixing the price cost of product has to be considered as it is an important factor. The price of product should be able to cover the cost of product i.e. the total cost. Total cost means fixed cost plus variable cost. Fixed costs are fixed irrespective of production level for example, rent of a factory, machinery cost, salaries, etc. Variable costs vary with production for example, raw material cost. Wages of labor, etc. So the price of product should be fixed after calculation total cost. c. Competition level in the market – The level of competition the firm has to face in the market is also considered while deciding the price. If firm does not face any competition then it enjoys the freedom of fixing the price. But when there is tough competition in the market then competitor’s price for the product is considered while fixing the price. For example, Havmor’s ice-cream cannot fix the price without considering price of vadilal available in the market. d. Customer’s demand and utility – When the demand for the product is inelastic i.e. no or less substitutes are available then company can fix up high price of the product. If the demand is elastic i.e. more substitutes are available then price has to be low. On the other hand if product is highly demanded then price can be high and if demand is less, price can be fixed low. Similarly if product is offering high utility one can easily charge high price as customer will be ready to buy. e. Government and legal regulations – Government has the right to control the prices of certain products as it has to protect the general public interest. These products can be in the category of general commodities but essential such as medicines, LPG, etc. f. Marketing Methods Used – various techniques adopted by the firm also affect the price of the product. If the firm is using intensive advertising to promote the product then it will charge high price. Other marketing methods can be type of packing, distribution system, salesman employed, customer support service, etc.
MI Lifestyle Marketing : Vouchers : Type : Cost : Business Volume : Products : Indiashoppe : Stores
 
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Managerial Accounting 1.6: Manufacturing vs Nonmanufacturing Costs
 
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This video describes manufacturing and nonmanufacturing costs.
Views: 2697 KurtHeisinger

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