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The cost-ratio method, which uses the ratio of actual contract costs incurred during the reporting period to total estimated contract costs.
Following are methods 1 - Splitoff point method 2 - Net realizable value method
Cost Control - a method whereby costs are managed and monitored to ensure they do not grow beyond the projected amount.Cost Reduction - a method whereby costs are reduced from the projected amount
LIFO (Last in first out) is the inventory costing method which allocates the most recent costs to cost of goods sold.
Under standard cost method, standard costs for material labor and overheads are determined first and all these costs are charged to production on that standard costs and quantity basis and after that variance analysis is done to find out the reasons for differences in actual costs with standard costs as basis for analysis.
That cost which arises from the common processing of products produced from the same process.
The major problem in cost accounting is allocation of common and joint costs to individual products.
ball joint costs about £8.00
LIFO
direct prod cost: you know what the real cost will be indirect costs: still and estimate on how to spread cost but real base of total indirect costs to start from
LIFO (Last in first out) method assigns the most recent cost to cost of goods sold because in this method goods received in last are used first.
Coness