Use cost of production in a sentence. Show more usage examples... The cost of production for bringing a new product to shelves is often so much that the decision must be highly considered to wage whether it has a payback time that is worth the wait. 10 people found this helpful.
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It comprises of direct costs and indirect costs. Direct costs are those that are traceable to the creation of a product and include costs for materials and labor whereas indirect costs refer to those costs that cannot be traced to the product such as overhead.
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Product Costing vs. Cost Accounting. Cost accounting and product costing are two accounting methods for determining the cash needed to create goods and services.
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Product costing is the accounting process of determining all business expenses pertaining the creation of company products. These costs can include raw material purchases, worker wages, production transportation costs and retail stocking fees.
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A business can use these reports to specifically target areas of the company for cost reduction or efficiency improvement. Additionally, cost accounting focuses solely on the cash spent to create goods as an economic factor of production.
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DEFINITION of 'Production Cost'. A cost incurred by a business when manufacturing a good or producing a service. Production costs combine raw material and labor. To figure out the cost of production per unit, the cost of production is divided by the number of units produced.
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Product costing may work better for a business lacking modern manufacturing facilities, while cost accounting better suits a company using large-scale production methods.
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In manufacturing, the product cost includes direct materials, direct labor, and manufacturing overhead. A retailer's product cost is the net cost from suppliers plus costs to get the product in place and ready for use (e.g. freight-in).
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Production costs can be used to compare the expenses of different activities within the company. In production, there are direct costs and indirect costs. For example, direct costs for manufacturing an automobile are materials such as the plastic, metal or labor incurred to produce such an item.
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define a product cost
A product cost is the cost that includes direct materials, direct labor, and manufacturing overhead. The product cost is a cost that includes direct materials, direct labor, and manufacturing overhead.