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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.
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
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.
How do you calculate benefit rate from selling.?
To calculate the benefit rate from selling, first determine the total revenue generated from sales and then subtract the total costs associated with those sales, including production and operational expenses. The benefit (or profit) is the difference between revenue and costs. Finally, to find the benefit rate, divide the profit by the total revenue and multiply by 100 to express it as a percentage. This rate indicates the proportion of revenue that translates into profit.
What are production costs?
Production costs are costs to produce
What two major functional categories are costs subdivided into?
production and non-production. non-production is classified under selling and administrative expenses production is classified as direct material, direct labor and manufacturing overhead
