0
What else can I help you with?
Are selling costs variable costs?
If selling costs varies with production level then selling costs are variable costs but if they remain fix then these are fixed costs.
Different types of costs of production?
production cost, selling cost and sundry cost
What is difference between product cost period cost and expenses?
Product costs is the costs are the costs incurred in the making of the product. Manufacturing costs --Direct Materials, Direct Labor, and Manufacturing Overhead. Product cost are also factory costs Period costs are the selling and administration costs. Electricity costs for the Accounting dept. is an administration costs but Electricity costs for the factory is Manufacturing Overhead.
Is selling expense a direct cost?
Selling expenses are generally considered indirect costs rather than direct costs. Direct costs are those that can be directly attributed to the production of goods or services, such as raw materials and labor. In contrast, selling expenses, which include costs like advertising, sales commissions, and distribution, are associated with selling the product rather than its production. Thus, they are classified as indirect costs in financial accounting.
Difference between trading account and manufacturin account?
Manufacturing account, on the other hand, is a financial statement which shows production costs
Difference between absorption costing and marginal costing calicut uviversity?
The difference between marginal and absorption costing is that when preparing a statement based on marginal costing, you would subtract all variable costs, production or otherwise, from the sales revenue, to give the contribution, from which you subtract all fixed costs (production and non-production) to give profit made.Using absorption costing however, you subtract production costs (this will include both variable and fixed production costs) only from sales to give you the gross profit, from which you then subtract all non-production costs (fixed or variable) to give net profit.The final profit using both methods is always the same.
What is the Difference between actual overhead costs and overhead costs applied?
The Actual overhead is calculated throughout the Production cycle for indirect cost associated to the production and the overhead costs applied is based on the fixed rate assigned against the machine or labour hours to be calculated for the difference b/w two are called under or over applied.
In accounting profit is the difference between what?
difference between revenue and costs
Why aren't selling and administrative costs not included in variable costing?
Selling and administrative costs are not included in variable costing because variable costing focuses solely on the direct costs associated with producing goods, such as direct materials and direct labor. These costs are variable in nature and fluctuate with production levels. In contrast, selling and administrative expenses are typically considered fixed costs, as they do not change directly with production volume and are incurred regardless of how much is produced. By excluding these costs, variable costing provides a clearer picture of the contribution margin related to production activities.
What is the difference between joint and common costs?
DIFFERENCE BETWEEN JOINT COSTS AND COMMON COSTSJoint costs are costs incurred in a production process, involving more than one product, up to the point when the products can be separated or distinguished as separate products. Common costs are costs incurred, the benefit of which is enjoyed by more than one cost centre (i.e. unit ) within an organisation. Answers by VICTOR DURODOLA , Nigeria
How can one determine producer surplus from a table?
To determine producer surplus from a table, subtract the cost of production from the price at which the product is sold. The difference represents the producer surplus, which is the benefit that producers receive from selling their goods at a price higher than their production costs.
What difference between the selling price of a product and the cost of the product to the seller is called .?
The difference between the selling price of a product and the cost of the product to the seller is called profit. This amount represents the financial gain the seller makes after covering their costs. Profit can also be referred to as markup when discussing the price increase over the cost.
