Homogeneous product and high production volume.
VARIABLE COSTING VERSUS ABSORPTION COSTINGAbsorption costing applies all manufacturing overhead to production costs while they flow through Work-in-Process Inventory, Finished-Goods Inventory and expenses on the income statement while Variable Costing only applies variable manufacturing overhead.Fixed manufacturing overhead is expensed immediately as it is incurred under variable costing while it is inventoried until the accounting period during which the manufactured goods are sold under absorption costing.
Manufacturing companies use job costing.
Parts costing is when a company put aside some a money which will be spent on parts for a job.
FIFO
Yeh totally no doubt
It is old costing technique & it is replaced by activity based costing
VARIABLE COSTING VERSUS ABSORPTION COSTINGAbsorption costing applies all manufacturing overhead to production costs while they flow through Work-in-Process Inventory, Finished-Goods Inventory and expenses on the income statement while Variable Costing only applies variable manufacturing overhead.Fixed manufacturing overhead is expensed immediately as it is incurred under variable costing while it is inventoried until the accounting period during which the manufactured goods are sold under absorption costing.
Manufacturing companies use job costing.
Parts costing is when a company put aside some a money which will be spent on parts for a job.
Talbot. has written: 'Analysis and costing of company training'
It is when a company set out how much they will put aside for contractors when working out expenses for a job.
FIFO
Yeh totally no doubt
Job Order Costing Operation Costing Normal Costing Actual Costing Standard Costing Kaizen Costing Target Cost
Target Costing: It is the costing process in which company tries to reduces all costs of product to limit the selling price at specific targeted selling price. Cost Plus pricing: It is pricing method in which company uses all costs plus certain percentage of that cost as a profit margin to set selling price.
Siemens is the main company that makes it. Machines costing 2 million dollars, they clearly making a huge profit.
Variable costing is called marginal costing while direct costing is separate concept.