Ascertainment of accurate cost is one of the main objectives of cost accounting. For a manufacturing company material consumption and material cost are vital aspects. Ascertainment of accurate cost depends on correct valuation of material used in the product. The material cost consists of invoice price plus freight, carriage, cartage, insurance, taxes, stores costs, etc. […]
How to Compute and Calculate Material Cost? (Methods) | Cost Accounting
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How to Compute and Calculate Material Cost? (Methods) | Cost Accounting
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Ascertainment of accurate cost is one of the main objectives of cost accounting. For a manufacturing company material consumption and material cost are vital aspects. Ascertainment of accurate cost depends on correct valuation of material used in the product. The material cost consists of invoice price plus freight, carriage, cartage, insurance, taxes, stores costs, etc. […]
How to Calculate Employee Cost? | Cost Accounting
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Employee cost should reflect the total cost to the company for compensating employees for their services and also for retaining them. Therefore, employee cost includes both monetary and non-monetary benefits. Employee cost does not include the cost of recruiting and training employees. Examples of monetary benefits are basic salary and dearness pay/allowance; overtime pay; productivity, […]