In this article we will discuss about:- 1. Meaning of Output Costing 2. Features of Output Costing 3. Objectives 4. Important Items Regarding Preparation of Statement of Cost and Cost Sheet 5. Cost Collection or Cost Accumulation. Contents: Meaning of Output Costing Features of Output Costing Objectives of Output Costing Important Items Regarding Preparation of Statement of Cost and Cost [...]
To determine the selling price of goods produced it is essential to add profit to the cost of saleable goods. Following points should be considered while computing profit: 1. If Percentage of Profit is given on cost then amount of profit will be calculated as follows: It is further assumed that 10% profit has to be earned, then- Profit= (1,25,000 [...]
Following are the methods used to find out the cost of production: 1. Statement of Cost 2. Cost Sheet 3. Tender Statement 4. Production Account. Method # 1. Statement of Cost: Statement of cost is a tabulated statement which shows the production cost of fixed quantity of a product, which is related to the production in a fixed time. Under [...]