Product Cost or Manufacturing Cost
Robert Product cost -includes costs incurred- for manufacturing or for purchasing goods. In case of manufacturing business product cost consists of direct materials, direct labour and factory overhead. In case of…
Measuring Direct Materials Cost in Job Order Costing System
Shamsa Rafique Measuring Direct Materials Cost in Job Order Costing System: Learning objective of this article: What is a materials requisition form. Give an example of materials requisition form. What is a…
Direct Materials Price and Quantity Standards
Abida Rehman Direct Materials Price and Quantity Standards: Learning Objective of the articles: Define and explain direct materials price standards and direct materials quantity standards. Explain how direct materials price and quantity…
Issuing and Costing Materials into Production
Issuing and Costing Materials into Production: To control the quantity and cost of materials, supplies, and services requires a systematic and efficient system of purchasing, recording, and storing. Equally necessary…
Bill of materials Definition
Bill of materials Definition: Bill of materials is a document that shows the type and quantity of each major item of materials required to make a product.