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Accounting: Product Costs
 
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Copyright by Brian R. Lazarus. 2011. Check out this website: http://www.lazarusbusinesssolutions.com for other related video lectures.
Views: 9213 profblazarus
Stock accounting and product costing in Odoo inventory
 
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For more information, please refer to https://www.odoo.com/page/warehouse To schedule a demo, please refer to https://www.odoo.com/r/demo-dalagon
Views: 2420 Odoo
Product Cost Vs Period Cost | Managerial Accounting | CMA Exam | Ch 2 P 2
 
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Product Costs For financial accounting purposes, product costs include all costs involved in acquiring or making a product. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead.1 Product costs “attach” to units of product as the goods are purchased or manufactured, and they remain attached as the goods go into inventory awaiting sale. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold, the costs are released from inventory as expenses (typically called cost of goods sold) and matched against sales revenue on the income statement. Because product costs are initially assigned to inventories, they are also known as inventoriable costs. We want to emphasize that product costs are not necessarily recorded as expenses on the income statement in the period in which they are incurred. Rather, as explained above, they are recorded as expenses in the period in which the related products are sold. Period Costs Period costs are all the costs that are not product costs. All selling and administrative expenses are treated as period costs. For example, sales commissions, advertising, executive salaries, public relations, and the rental costs of administrative offices are all period costs. Period costs are not included as part of the cost of either purchased or manufactured goods; instead, period costs are expensed on the income statement in the period in which they are incurred using the usual rules of accrual accounting. Keep in mind that the period in which a cost is incurred is not necessarily the period in which cash changes hands. For example, as discussed earlier, the costs of liability insurance are spread across the periods that benefit from the insurance—regardless of the period in which the insurance premium is paid. Page 28 Prime Cost and Conversion Cost Two more cost categories are often used in discussions of manufacturing costs—prime cost and conversion cost. Prime cost is the sum of direct materials cost and direct labor cost. Conversion cost is the sum of direct labor cost and manufacturing overhead cost. The term conversion cost is used to describe direct labor and manufacturing overhead because these costs are incurred to convert materials into the finished product. product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, cpa exam. Manufacturing Overhead Manufacturing overhead, the third manufacturing cost category, includes all manufacturing costs except direct materials and direct labor. Manufacturing overhead includes items such as indirect materials; indirect labor; maintenance and repairs on production equipment; and heat and light, property taxes, depreciation, and insurance on manufacturing facilities. A company also incurs costs for heat and light, property taxes, insurance, depreciation, and so forth, associated with its selling and administrative functions, but these costs are not included as part of manufacturing overhead. Only those costs associated with operating the factory are included in manufacturing overhead. Various names are used for manufacturing overhead, such as indirect manufacturing cost, factory overhead, and factory burden. All of these terms are synonyms for manufacturing overhead. Nonmanufacturing Costs Nonmanufacturing costs are often divided into two categories: (1) selling costs and (2) administrative costs. Selling costs include all costs that are incurred to secure customer orders and get the finished product to the customer. These costs are sometimes called order-getting and order-filling costs. Examples of selling costs include advertising, shipping, sales travel, sales commissions, sales salaries, and costs of finished goods warehouses. Selling costs can be either direct or indirect costs. For example, the cost of an advertising campaign dedicated to one specific product is a direct cost of that product, whereas the salary of a marketing manager who oversees numerous products is an indirect cost with respect to individual products. Administrative costs include all costs associated with the general management of an organization rather than with manufacturing or selling. Examples of administrative costs include executive compensation, general accounting, secretarial, public relations, and similar costs involved in the overall, general administration of the organization as a whole. Administrative costs can be either direct or indirect costs.
Stock accounting and product costing in Odoo inventory
 
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For more information, please refer to https://www.odoo.com To schedule a demo, please refer to https://www.odoo.com/r/demo-npouplard If you have any question, please send it to [email protected]
Views: 1165 Odoo
Direct Material, Direct Labor & Overhead, Product and Period Cost | Managerial Accounting | CMA Exam
 
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Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scatter-graph, high-low method,
Accounting for Byproducts:  the Production Method vs. the Sales Method
 
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This video shows how to account for byproducts. In so doing, it compares and contrasts the Production Method and Sales Method for accounting for byproducts. The Production Method requires that byproducts be accounted for when produced (e.g., that their Net Realizable reduce Cost of Goods Sold when the byproduct is actually produced) while the Sales Method requires byproducts to be recognized in the period in which the byproducts are sold. The Sales Method thus gives managers an opportunity to engage in earnings management, as they can wait to sell byproducts until they want to boost earnings. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 8957 Edspira
Accounting Basics Lesson 8:  Selling A Product, Revenue Accounts, Cost of Goods Sold Accounts
 
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http://Freeaccountingschool.com. In this tutorial, accountant Daniel Dickson answers the following questions: How do you record the sale of a product using double-entry accounting? What is Sales Revenue? What is a Sales Revenue Account? What is a Cost of Goods Sold Account?
Views: 37416 Daniel Dickson
8.  Managerial Accounting Ch2 Exercises Pt1: Manufacturing Costs, Product Costs, Period Costs
 
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Accounting Course - Managerial Accounting - Cost Accounting Exercises: 2.1 Classifying Manufacturing Costs 2.2 Classification of Costs as Period or Product Costs Text used: Managerial Accounting Tenth edition Garrison et al. Publisher: McGrawHill
Views: 9946 Mark Meldrum
Costs of Production- Microeconomics 3.3 (Part 1)
 
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In this video I explain the costs of production including fixed costs, variable costs, total cost, and marginal cost. Make sure that you know how to calculate the per unit costs: AVC, AFC, and ATC. Let me know what you think and please subscribe. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Next video-drawing the cost curves https://www.youtube.com/watch?v=qYKJdooEnwU Watch Episodes of Econmovies- https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH More videos about the costs of production- https://www.youtube.com/playlist?list=PLE70CA726102FB294
Views: 808029 Jacob Clifford
Product Cost per Unit - Determine Relevant Costs - CSUN Gateway Managerial Accounting - Problem 13
 
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Please buy a copy of Scholarships: Quick and Easy: https://www.amazon.com/Scholarships-Devon-Patrick-Scott-Coombs/dp/1530670330/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr= Devon Coombs explains how to determine relevant product costs per unit when given multiple product costs. Follow the link below for the question in this video: http://www.csun.edu/sites/default/files/managerialquiz.pdf Follow me on Twitter and LinkedIn: https://twitter.com/devonpscoombs https://www.linkedin.com/in/devoncoombs Please subscribe to my channel :)
Views: 10913 Business Core Tutoring
Variable Costing (the Variable Costing method in Managerial Accounting)
 
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This video explains the Variable Costing method that some manufacturing firms use internally to compute product costs and calculate cost of goods sold. An example is provided to illustrate how to use Variable Costing to calculate the product cost per unit and to create a Variable Costing Income Statement. The video also discusses the difference between Variable Costing and Absorption Costing and explains why Variable Costing is in many ways superior to Absorption Costing. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 69194 Edspira
How to Prepare a Cost of Goods Manufactured Statement (Cost Accounting Tutorial #24)
 
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Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu The cost of goods manufactured statement displays the cost of products manufactured in a period by breaking down the costs into direct materials, direct labor, manufacturing overhead and changes in work in process. Cost of goods manufactured will ultimately be added to finished goods and be expensed as cost of goods sold. Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 84689 Notepirate
[#1] Introduction to Cost Accounting - (COST SHEET) :-by kauserwise
 
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Introduction to Cost Accounting - (COST SHEET) Accounting tutorial, Elements of costs, Material cost, Labour cost, other expenses, Direct material cost, indirect material cost, direct labour cost, indirect labour cost, direct other expenses, indirect other expenses. Over heads. Factory over heads, office and administrative over heads, selling and distribution over heads. To watch more tutorials pls visit: www.youtube.com/c/kauserwise * Financial Accounts * Corporate accounts * Cost and Management accounts * Operations Research Playlists: For Financial accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnojfVAucCUHGmcAay_1ov46 For Cost and Management accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnpgUjlVR-znIRMFVF0A_aaA For Corporate accounting - https://www.youtube.com/playlist?list=PLabr9RWfBcnorJc6lonRWP4b39sZgUEhx For Operations Research - https://www.youtube.com/playlist?list=PLabr9RWfBcnoLyXr4Y7MzmHSu3bDjLvhu
Views: 619978 Kauser Wise
Production Cost Report  | Managerial Accounting | CPA exam BEC |  CMA exam | ch 18 p 3
 
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Production cost report, equivalents units of production, EUP, Process costing, job order cost, FIFO, weighted average method, direct material, direct labor, manufacturing overhead, conversation cost, cost flow of goods, managerial accounting, cost accounting, CPA exam, CMA exam,
How to Price a Product - Cost Accounting
 
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http://greatbusinesscontent.com Learn how to price your product using the cost accounting method. Using this method allows for you to earn a wage plus a profit. Use it when starting your own small business. When starting your own small business one of the most difficult tasks is deciding how to price your product or service. Many small business owners struggle over this, price it too high and people don't buy, price it too low and you may not break-even. In this segment I help Henry answer his question: "I'm starting a T-shirt shop and need to know how to price my product so that I can later afford to hire an employee". To research this answer I spoke with Keith Mattson, a CPA, about Henry's problem. The answer Keith gave is one that every small business owner can use in their small business. It all starts with understanding "cost accounting" methods. Being willing to understand expenses and profit is the difference between supporting you and your family or just hanging on and feeding your business every month! For more information on starting or running a small business please stop by GreatBusinessContent.com
Views: 3590 Steve Freeman
Managerial Accounting - Product vs. Period Cost Classifications - Severson
 
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See the below link for more resources, including as a list of all of my videos, practice exercises, Excel templates, and study notes. https://www.dropbox.com/s/09hdhag3zieyt08/Severson%20YouTube%20Videos.xlsx?dl=0 In this video we discuss the concept of product costs and period costs and why this distinction is important in various managerial accounting decisions.
Accounting: Cost of Goods Manufactured/ Cost of Goods Sold: Part I
 
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Copyright by Brian R. Lazarus. 2011. Check out this website: http://www.lazarusbusinesssolutions.com for other related video lectures.
Views: 168213 profblazarus
Product Costs & Period Costs - Managerial Accounting
 
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Product costs and period costs are distinctions of costs we generally see in managerial accounting. Product costs are costs assigned to production and include direct labor, direct materials and overhead. Period costs are costs incurred during a time period which are usually expensed and include selling an administrative costs. The distinction between product costs and period costs is important for managerial accounting because product costs will not be expensed at the time they are incurred but will be capitalized as part of the cost of inventory. Product costs will eventually be expenses in to form of cost of goods sold when the product is sold. For more accounting information see website. http://accountinginstruction.info/
Business Accounting - P12 - Measuring Product Cost And Analysis In Accounting
 
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Business Accounting - P12 - Measuring Product Cost And Analysis In Accounting An effective system to measure product costs and accounting analysis must identify and assign to products these costs of complexity. You're watching Measuring Product Cost And Analysis In Accounting video in Business Accounting Classes Online series. Thanks for like and subcribe. I hope it's useful for you. Watch more : P11 - Concept Of Cost Accounting And Analysis https://goo.gl/16zhO1 ... P13 - Management Accounting Activities https://goo.gl/x5Ey5t === My website : http://beststockpicking.com/ Facebook fanpage : https://www.facebook.com/beststockpicking/ Google plus : https://plus.google.com/+BeststockpickingTV
Standard Costs and Variance Analysis
 
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This video discusses the use of standard costs in Managerial Accounting. It also provides a comprehensive example to illustrate how standard costs are useful in calculating the price variance and quantity variance. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 198867 Edspira
Activity Based Costing Example in 6 Easy Steps - Managerial Accounting with ABC Costing
 
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Clicked here http://www.MBAbullshit.com/ and OMG wow!I'm SHOCKED how easy.. Imagine your brand makes two types of mobile phone devices. They are each produced working with one machine. The maintenance cost of the apparatus is $100 a month. What percentage should each style of telephone share under the maintenance cost? In order to be "just", some will suggest that the cost must be divided 50%-50%. However, what if Phone A consumes 90 hours of the machinery, and Phone B uses only 10 hours of the apparatus? Should the cost remain to be split 50%-50%? As part of classic "allocated" costing, the cost should probably still be split 50%-50%. However applying the principle of Activity Based Costing, it needs to most likely be cut up 90%-10% for the reason that one phone type is based on 90 hours of the apparatus monthly while the other cell phone form typically only consumes 10 hours of the identical device. The foregoing technique makes use of "amount of activity" for being a function of costing, and not just "allocation" where accountants simplistically allot the costs by the same token.Needless to say, for any product or service, there are a lot more activities to consider, and not only the employment of a particular device. These varying activities which generally encounter a mark on cost are classified as "cost drivers". Cost drivers may appear in numerous varieties for instance machine hours consumed, number of inspections, hours spent on inspections, number of production runs, quantity of hours used up throughout production, quantity of setups, together with multiple others.In the case above, we simply used machine hours consumed. Inside a less forgiving example, we may additionally need to consider the number of inspections. Suppose Phone A solicited added inspections by enterprise engineers than Phone B? It goes without saying, a great deal more of the compensation of institution engineers really needs to be allocated to Phone A. Whereas, what if Phone B solicited a great deal more production runs than Phone A? Again, we would struggle to conveniently partition broad production costs among the two mobile phone types. To further complicate the problem, what if Phone A, irrespective of using far less production runs, solicited more production setups than Phone B? Evidently, the difficulty of appropriately allocating costs to each of the phone models can get incredibly exhausting. Having said that, this difficulty can be really worth the effort if it helps a business apply extra meticulous or more defined costs on items, which can be made use to help the company in its pricing methods. The beauty of Activity Based Costing is that it considers all these diverse costs and cost drivers in a timely fashion, granting an organization the competence to perform pretty defined costing inspite of such concerns. http://www.youtube.com/watch?v=PcjxRe4EsuY activity based costing, abc costing, what is activity based costing, what is abc http://mbabullshit.com/blog/activity-based-costing/
Views: 281618 MBAbullshitDotCom
Joint Cost | Managerial Accounting | CMA Exam
 
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Joint cost, relative sale value method, absorption costing, fixed manufacturing overhead, variable costing, fixed cost, variable cost, segmented income statement, common cost, traceable cost,
Managerial Accounting: Product vs Period Costs
 
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Help us caption & translate this video! http://amara.org/v/FynI/
Views: 4692 ProfAlldredge
5.  Managerial Accounting Ch2 Pt1: Product Versus Period Costs
 
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Accounting Course - Managerial Accounting - Cost Accounting Learning Objectives covered: Identify and give examples of each of the three basic manufacturing costs categories. Distinguish between product costs and period costs, and give examples of each. Text used: Managerial Accounting Tenth edition Garrison et al. Publisher: McGrawHill
Views: 15011 Mark Meldrum
Managerial Accounting 1.7: Product Cost Accounts
 
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This video describes the accounts used to record product costs for a manufacturing company.
Views: 2141 KurtHeisinger
Joint Products and Byproduct Costing | Cost Accounting
 
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This recording covers joint products and by-product costing (by-product costing) where cost is allocated at split off point using relative sales value or net realizable value. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
Managerial Accounting 4.5: Process Costing Production Cost Report
 
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This video describes how to create a production cost report in a process costing environment and is related to a separate video "Managerial Accounting 4.4: Process Costing Weighted Average Method."
Views: 3761 KurtHeisinger
Basic cost concepts -lecture 3 - product cost and period cost
 
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This is continuation video of already uploaded basic cost concepts, which specifically deals with product cost and period cost concepts in depth
Product Cost versus Period Cost | Managerial Accounting | CMA exam | CPA exam BEC  | Ch 16 p 2
 
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Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, CPA exam
Activity Based Costing Examples - Managerial Accounting video
 
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Activity Based Costing Example - Accounting video by TheAccountingDr is a tutorial video with examples on using an activity-based costing system: 1) calculate the allocation rate and 2) allocated costs (overhead/indirect costs) using the allocation rate. In addition, we calculate the indirect costs per unit of planned products as well as the product costs per unit of planned products (direct materials + direct labor + OH). Managerial Accounting lecture notes: http://tiny.cc/nw1enw Activity-Based Costing terminology review game: http://tiny.cc/mxgoow -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up, giving comments and adding our videos to your favorites. Subscribe: http://www.youtube.com/subscription_center?add_user=routhwsuedu Friend me on Facebook and post your questions: http://www.facebook.com/TheAccountingDoctor -- For more accounting/how to eLectures (and accompanying lecture notes) similar to Activity-Based Costing Examples - Managerial Accounting video, blog, FAQs and accounting eBooks visit http://www.TheAccountingDr.com. Activity-Based Costing Examples - Managerial Accounting video: http://youtu.be/7SNjEHIYjns -- Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad). If you are having difficulty viewing this video on YouTube, these videos may also be viewed without Flash on my website at http://www.TheAccountingDr.com.
The Relevant Range (Managerial Accounting Tutorial #4)
 
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Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu What is the Relevant Range? It is a range of activity where there is a specific relationship between costs and cost drivers. For example, we know that fixed costs will remain fixed over the relevant range and that variable costs per unit will be the linear. Watch it all! Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 29113 Notepirate
Equivalent Units of Production: Cost Accounting
 
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Ken Boyd is the owner of St. Louis Test Preparation (www.stltest.net). He provides tutoring in accounting and finance to both graduate and undergraduate students, as well as investment education. Ken is the author of Cost Accounting for Dummies (Now available on Amazon.com). As a former CPA, Auditor, Tax Preparer and College Professor, Boyd brings a wealth of business experience to education.
Views: 4528 AccountingED
#4 Process Costing (Equivalent Product) ~ Cost & Management Accounting [For B.Com/CA/CS/CMA)
 
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In this lecture I have explained the concept, need, application calculation procedure of calculating 'Equivalent Product' in process costing 🔴 Download Notes: https://drive.google.com/drive/folders/0BzfDYffb228JNW9WdVJyQlQ2eHc?usp=sharing 🔴 Connect on Facebook : https://www.facebook.com/ca.naresh.aggarwal 🔴 Connect with Google+: https://plus.google.com/u/0/+CANareshAggarwal
Views: 16280 CA. Naresh Aggarwal
Direct Cost Vs Indirect Cost | Managerial Accounting | CMA Exam | Ch 2 P 1
 
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Direct Cost A direct cost is a cost that can be easily and conveniently traced to a specified cost object. Indirect Cost An indirect cost is a cost that cannot be easily and conveniently traced to a specified cost object. For example, a Campbell Soup factory may produce dozens of varieties of canned soups. A common cost is a cost that is incurred to support a number of cost objects but cannot be traced to them individually. A common cost is a type of indirect cost. A particular cost may be direct or indirect, depending on the cost object. Direct Labor Direct labor consists of labor costs that can be easily (i.e., physically and conveniently) traced to individual units of product. Direct labor is sometimes called touch labor because direct labor workers typically touch the product while it is being made. Labor costs that cannot be physically traced to particular products, or that can be traced only at great cost and inconvenience, are termed indirect labor. Just like indirect materials, indirect labor is treated as part of manufacturing overhead. Indirect labor includes the labor costs of janitors, supervisors, materials handlers, and night security guards. Although the efforts of these workers are essential, it would be either impractical or impossible to accurately trace their costs to specific units of product. Hence, such labor costs are treated as indirect labor. Manufacturing Overhead Manufacturing overhead, the third manufacturing cost category, includes all manufacturing costs except direct materials and direct labor. Manufacturing overhead includes items such as indirect materials; indirect labor; maintenance and repairs on production equipment; and heat and light, property taxes, depreciation, and insurance on manufacturing facilities. A company also incurs costs for heat and light, property taxes, insurance, depreciation, and so forth, associated with its selling and administrative functions, but these costs are not included as part of manufacturing overhead. Only those costs associated with operating the factory are included in manufacturing overhead. Various names are used for manufacturing overhead, such as indirect manufacturing cost, factory overhead, and factory burden. All of these terms are synonyms for manufacturing overhead. Nonmanufacturing Costs Nonmanufacturing costs are often divided into two categories: (1) selling costs and (2) administrative costs. Selling costs include all costs that are incurred to secure customer orders and get the finished product to the customer. These costs are sometimes called order-getting and order-filling costs. Examples of selling costs include advertising, shipping, sales travel, sales commissions, sales salaries, and costs of finished goods warehouses. Selling costs can be either direct or indirect costs. For example, the cost of an advertising campaign dedicated to one specific product is a direct cost of that product, whereas the salary of a marketing manager who oversees numerous products is an indirect cost with respect to individual products. Administrative costs include all costs associated with the general management of an organization rather than with manufacturing or selling. Examples of administrative costs include executive compensation, general accounting, secretarial, public relations, and similar costs involved in the overall, general administration of the organization as a whole. Administrative costs can be either direct or indirect costs. For example, the salary of an accounting manager in charge of accounts receivable collections in the East region is a direct cost of that region, whereas the salary of a chief financial officer who oversees all of a company’s regions is an indirect cost with respect to individual regions. Nonmanufacturing costs are also often called selling, general, and administrative (SG&A) costs or just selling and administrative costs. Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format income statement, differential cost, differential revenue, opportunity cost.sunk cost, relevant cost.
Product Cost and Period Cost | Intermediate Accounting | CPA Exam FAR | Chp 8 p 3
 
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product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost,
Absorption Costing
 
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This video explains the concept of Absorption Costing in Managerial Accounting. A comprehensive example is provided to explain how absorption costing is used to calculate per unit product costs as well as to create an absorption costing income statement. The video also contrasts the absorption costing method with the variable cost method and discusses how the use of absorption costing can lead to distorted measures of profitability and perverse managerial incentives. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 209987 Edspira
Absorption Costing And Variable Costing | Accounting | Chegg Tutors
 
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Absorption costing, which is required by generally accepted accounting principles (GAAP), includes all variable and fixed production costs in the calculation of product cost. Variable costing, which is used to supplement managerial decision making, includes only variable production costs. Long term, a business must recover its fixed production costs. However, including these costs in product cost analysis can lead to incorrect conclusions. For example, a product might have variable costs of $4 and fixed costs of $1. If the producer is approached to sell additional units at a discount price of $4.50, and there will be no increase in fixed costs, it may make sense to do so. If the producer accepts this offer, overall profit will increase by $0.50 for each additional unit sold. -------- Accounting tutoring on Chegg Tutors Learn about Accounting terms like Absorption Costing And Variable Costing on Chegg Tutors. Work with live, online Accounting tutors like Nathan G. who can help you at any moment, whether at 2pm or 2am. Liked the video tutorial? Schedule lessons on-demand or schedule weekly tutoring in advance with tutors like Nathan G. Visit: https://www.chegg.com/tutors/Accounting-online-tutoring/?utm_source=youtube&utm_medium=video&utm_content=managed&utm_campaign=videotutorials ---------- About Nathan G., Finance tutor on Chegg Tutors: Texas State, Class of 2010 Finance/Accounting major Subjects tutored: Accounting TEACHING EXPERIENCE: Educated from Texas State University, I received my BBA Accounting in 2010. During college, I would often study with classmates. I noticed how much I enjoyed helping them with Accounting. I then knew I had a skill underutilized. My passion for tutoring fuels my desire to see you succeed. With over 7 years of instructional experience, I will provide the tools to help you master Accounting. Check out my YouTube Channel to learn more about EXTRACURRICULAR INTERESTS I am a man of many tastes. I really enjoy technology, racquetball, basketball, real estate investing practices, web development, and comedy! I love diversifying my interests so I never get bored lol. Hope to hear from you soon! We'll setup a plan to help you succeed in Accounting. Want to book a private lesson with Nathan G.? Message Nathan G. at https://www.chegg.com/tutors/online-tutors/Nathan-G-862370/?utm_source=youtube&utm_medium=video&utm_content=managed&utm_campaign=videotutorials ---------- Like what you see? Subscribe to Chegg's Youtube Channel: http://bit.ly/1PwMn3k ---------- Visit Chegg.com for purchasing or renting textbooks, getting homework help, finding an online tutor, applying for scholarships and internships, discovering colleges, and more! Learn more at https://www.chegg.com/ FB: https://www.facebcook.com/chegg Twitter: https://www.twitter.com/chegg Instagram: https://www.instagram.com/chegg
Views: 30926 Chegg
Adv. Cost Accounting (Joint products & By products) part-1
 
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Facebook link : https://www.facebook.com/learning.with.shamima/ For MBA final Dept of accounting If u have any problem of this chapter to solve please ask me question in comments below and I will try my best to solve it If u like this video then u subscribe my channel for get notification of my new video Happy learning Thanks😊
Food Product Cost & Pricing Tutorial
 
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Step-by-step directions on how to use the Small Food Business Food Product Cost & Pricing Spreadsheet tool to determine accurate product costs and create a profitable multi-channel pricing strategy.
Views: 199441 Small Food Business
Activity Based Costing Systems for Overhead (Cost Accounting Tutorial #28)
 
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Full Crash Course on Udemy for $9.99: http://bit.ly/2Dhip74 Activity based costing (ABC) systems provide a way of splitting overhead costs into different overhead activities. The costs are then allocated to products or projects proportionally by their cost driver activity levels. Join us as we go through an example to explain ABC costing. Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 29806 Notepirate
Process Costing with Example | Managerial Accounting | CMA Exam | Ch 4 P 1
 
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Process costing is used when there is mass production of similar products, where the costs associated with individual units of output cannot be differentiated from each other. In other words, the cost of each product produced is assumed to be the same as the cost of every other product. Under this concept, costs are accumulated over a fixed period of time, summarized, and then allocated to all of the units produced during that period of time on a consistent basis. When products are instead being manufactured on an individual basis, job costing is used to accumulate costs and assign the costs to products. When a production process contains some mass manufacturing and some customized elements, then a hybrid costing system is used. Examples of the industries where this type of production occurs include oil refining, food production, and chemical processing. For example, how would you determine the precise cost required to create one gallon of aviation fuel, when thousands of gallons of the same fuel are gushing out of a refinery every hour? The cost accounting methodology used for this scenario is process costing. Process costing is the only reasonable approach to determining product costs in many industries. It uses most of the same journal entries found in a job costing environment, so there is no need to restructure the chart of accounts to any significant degree. This makes it easy to switch over to a job costing system from a process costing one if the need arises, or to adopt a hybrid approach that uses portions of both systems. Example of Process Cost Accounting As a process costing example, ABC International produces purple widgets, which require processing through multiple production departments. The first department in the process is the casting department, where the widgets are initially created. During the month of March, the casting department incurs $50,000 of direct material costs and $120,000 of conversion costs (comprised of direct labor and factory overhead). The department processes 10,000 widgets during March, so this means that the per unit cost of the widgets passing through the casting department during that time period is $5.00 for direct materials and $12.00 for conversion costs. The widgets then move to the trimming department for further work, and these per-unit costs will be carried along with the widgets into that department, where additional costs will be added. Types of Process Costing There are three types of process costing, which are: Weighted average costs. This version assumes that all costs, whether from a preceding period or the current one, are lumped together and assigned to produced units. It is the simplest version to calculate. Standard costs. This version is based on standard costs. Its calculation is similar to weighted average costing, but standard costs are assigned to production units, rather than actual costs; after total costs are accumulated based on standard costs, these totals are compared to actual accumulated costs, and the difference is charged to a variance account. First-in first-out costing (FIFO). FIFO is a more complex calculation that creates layers of costs, one for any units of production that were started in the previous production period but not completed, and another layer for any production that is started in the current period. There is no last in, first out (LIFO) costing method used in process costing, since the underlying assumption of process costing is that the first unit produced is, in fact, the first unit used, which is the FIFO concept. Why have three different cost calculation methods for process costing, and why use one version instead of another? The different calculations are required for different cost accounting needs. The weighted average method is used in situations where there is no standard costing system, or where the fluctuations in costs from period to period are so slight that the management team has no need for the slight improvement in costing accuracy that can be obtained with the FIFO costing method. Alternatively, process costing that is based on standard costs is required for costing systems that use standard costs. It is also useful in situations where companies manufacture such a broad mix of products that they have difficulty accurately assigning actual costs to each type of product; under the other process costing methodologies, which both use actual costs, there is a strong chance that costs for different products will become mixed together. Process costing, equivalent units of production, FiFO method, weighted average, conversion cost flow of costs, cost accounted for, cpa exam, managerial accounting, raw materials, job order costing, work in process, processing departments, transferred-in cost, transferred out cost
Joint Products and ByProducts Costing | CPA Exam BEC  Questions | Cost Accounting | CMA Exam
 
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This recording covers joint products and by-product costing (byproduct costing) where cost allocated at split off point using relative sales value or net realizable value. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
Managerial Accounting 4.2: Product Cost Flows in a Process Costing System
 
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This video describes the flow of product costs in a process costing system.
Views: 575 KurtHeisinger
Job Order Costing - Part 1 - Management Accounting
 
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The links to the problems are no longer working. If you want updated videos (with working links) try this playlist: https://youtu.be/2eG_UVdoJrA In this series of videos, we examine job order costing and the predetermined overhead rate. In the first video, we will look at cost concepts and the predetermined overhead rate. In the next 3 parts we will do a comprehensive example of job order costing involving journal entries, applying overhead and generating an income statement. This video and the attached worksheet were prepared by Tony Bell of Thompson Rivers University (TRU) - I encourage educators to freely use, edit and modify these videos and the attached worksheet - they are available under Creative Commons Licenses.
Views: 178323 Tony Bell
Job Order Costing Explained | Managerial Accounting | CMA Exam | Ch 3 P 1
 
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Under absorption costing, product costs include all manufacturing costs. Some manufacturing costs, such as direct materials, can be directly traced to particular products. For example, the cost of the airbags installed in a Toyota Camry can be easily traced to that particular auto. But what about manufacturing costs like factory rent? Such costs do not change from month to month, whereas the number and variety of products made in the factory may vary dramatically from one month to the next. Because these costs remain unchanged from month to month regardless of what products are made, they are clearly not caused by—and cannot be directly traced to—any particular product. Therefore, these types of costs are assigned to products and services by averaging across time and across products. The type of production process influences how this averaging is done. Job-order costing is used in situations where many different products, each with individual and unique features, are produced each period. For example, a Levi Strauss clothing factory would typically make many different types of jeans for both men and women during a month. This is a custom product that is being made for the first time, but if this were one of the company’s standard products, it would have an established bill of materials. A bill of materials is a document that lists the type and quantity of each type of direct material needed to complete a unit of product. The materials requisition form is a document that specifies the type and quantity of materials to be drawn from the storeroom and identifies the job that will be charged for the cost of the materials. The form is used to control the flow of materials into production and also for making entries in the accounting records. A job cost sheet records the materials, labor, and manufacturing overhead costs charged to that job. Measuring Direct Labor Cost Direct labor consists of labor charges that can be easily traced to a particular job. Labor charges that cannot be easily traced directly to any job are treated as part of manufacturing overhead. As discussed in a previous chapter, this latter category of labor costs is called indirect labor and includes tasks such as maintenance, supervision, and cleanup. Today many companies rely on computerized systems (rather than paper and pencil) to maintain employee time tickets. A completed time ticket is an hour-by-hour summary of the employee’s activities throughout the day. One computerized approach to creating time tickets uses bar codes to capture data. Computing Predetermined Overhead Rates. There are three reasons for this: Manufacturing overhead is an indirect cost. This means that it is either impossible or difficult to trace these costs to a particular product or job. Manufacturing overhead consists of many different types of cost ranging from the grease used in machines to the annual salary of the production manager. Some of these costs are variable overhead costs because they vary in direct proportion to changes in the level of production (e.g., indirect materials, supplies, and power) and some are fixed overhead costs because they remain constant as the level of production fluctuates (e.g., heat and light, property taxes, and insurance).Page 123 Because of the fixed costs in manufacturing overhead, total manufacturing overhead costs tend to remain relatively constant from one period to the next even though the number of units produced can fluctuate widely. Consequently, the average cost per unit will vary from one period to the next. An allocation base is a measure such as direct labor-hours (DLH) or machine-hours (MH) that is used to assign overhead costs to products and services. The most widely used allocation bases in manufacturing are direct labor-hours, direct labor cost, machine-hours and (where a company has only a single product) units of product. Job order costing, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, job cost sheet, job number, subsidiary ledger, material requisition form, bill of materials, time ticket, allocation base predetermined overhead rate, cost driver, fixed overhead, variable overhead Raw materials, work in process, finished goods, cost of goods manufactured, manufactured overhead cost Cost of goods manufactured Underapplied, overapplied
Intro to Managerial Accounting: Activity Based Costing (Chapter 5)
 
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Introduction to Managerial Accounting Professor Savita Sahay Activity Based Costing (Chapter 5) Please visit our website at http://raw.rutgers.edu TIME STAMPS Quick Review of Applied Overhead: 0:19 Practice Problem: 2:48 --- Calculating cost of each unit (job costing) Single Allocation Rate System Outdated: 4:00 ABC Features: 4:47 Practice Problem #2 (info given): 5:46 --- ABC question & solution: 7:15 Practice Problem #3: 9:15 --- Budgeted overhead rate and overhead cost per unit calculations --- Overhead Allocation: 10:26 Steps in Activity Based Costing: 13:00 Hierarchy of Activities: 13:37 Practice Problem #4: 15:14 --- Identifying unit, batch, product, and facility level activities Comprehensive Practice Problem #5: 16:41 --- Questions / Solutions: 17:26 Bottom Line - Simple vs. ABC [Conclusion]: 21:54 The applied overhead rate is a sinle, manufacturing overhead allocation rate using the following formula: Budgeted Manufacturing Overhead Rate = Budgeted manufacturing overhead costs / Budgeted Direct Labor hours. Allocating overhead costs to the job involves multiplying the budgeted allocation rate by the number of actual direct labor hours. Traditional systems were developed in 1800 and focused on simplicity because (1) direct labor information was already being recorded, (2) direct labor was a large component of product costs, and (3) managers believed direct labor and overhead costs were highly correlated. Simple systems often resulted in cross-subsidization, and incorrect costs lead to sub-optimal decisions. The single allocation rate system is outdated. Today, direct labor alone may no longer be a satisfactory base for allocation of overhead. Most companies sell a large variety of products that consume differing amounts of overhead. As a percentage of total costs, direct labor has been shrinking and overhead has been increasing. Many of the new overhead costs may not be correlated with direct labor. Technology advancements have reduced the cost and complexity of gathering diverse sources of data. In activity based costing, a number of allocation bases are used for assigning costs to products. A predetermined overhead rate is computed for each activity and then applied to jobs and products based on the amount of activity consumed by the job or product. It also calculates a more accurate product cost than traditional methods (by categorizing all indirect costs by activity, tracing the indirect costs to those activities, and assigning those costs to products by using a cost driver related to the cause of the cost). The steps in activity based costing involve (1) identifying and classifying each activity, (2) estimating the cost of resources for each activity, (3) identifying a cost driver for each activity and estimating the quantity of each cost driver, (4) calculating an activity cost rate for each activity, and lastly, (5) assigning costs to products based on the level of activity required to make the product or provide the service. The hierarchy of activities is as follows: (1) Unit level (output level) activities are performed each time a unit is produced (such as providing power to run processing equipment. (2) Batch-level activities are performed each time a batch is handled or processed, regardless of how many units are in the batch (such as setting up equipment and shipping customer orders). (3) Product-sustaining level activities relate to specific products and must be carried out, regardless of how many batches are run or units produced and sold (such as designing or advertising a product). (4) Facility sustaining level activities are carried out regardless of which products are produced, how many batches are run, or how many units are made (such as heating a factory or building rent). Examples of each type of activity: machine depreciation is UNIT level, setup costs are BATCH level, spare parts management is PRODUCT level, and property taxes / insurance is FACILITY level. Regarding simple vs. activity based costing, both methods are mathematically correct and acceptable. Each method yields a different cost figure, which will lead to different gross margin calculations. Only overhead is involved. Total costs for the entire firm remain the same - they are just allocated to different cost objects within the firm. Selection of the appropriate method and drivers should be based on experience, industry practices, as well as cost benefit analysis of each option under consideration. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 20480 Rutgers Accounting Web
MC1: Managerial/Cost Accounting: Classification of Costs Product or Period
 
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An overview of how to classify costs as product (to inventory) or period (expense as incurred). Easy to follow discussion.
Views: 4067 Janice Cobb
Product Costs in Manufacturing (direct labor, direct materials, and Overhead expenses )👌
 
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Product Costs Product cost refers to the costs used to create a product. These costs include direct labor, direct materials, consumable production supplies, and factory overhead. To like us on Facebook, visit https://www.facebook.com/accountingPlusS/ Subscribe us: https://www.youtube.com/accountingplus Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product. Direct labor cost is wages that are incurred in order to produce specific goods or provide specific services to customers. Overhead expenses are all costs on the income statement except for direct labor, direct materials, and direct expenses. Overhead expenses include accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities. Product cost formula Product cost = Direct materials + Direct labor + Overhead expenses Product cost per unit = Direct materials + Direct labor + Overhead expenses/ Total production units Product Costs Example Product cost = $5,000+1,000+4,000 = 10,000 #Productcosts #Accounting #PC
Views: 141 Accountingplus
11.  Managerial Accounting Ch2 Exercises Pt4: Cost of Goods Manufactured
 
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Accounting Course - Managerial Accounting - Cost Accounting Exercises: 2.9 Product Cost Flows: Product versus Period Costs 2.10 Preparation of a Cost of Goods Manufactured and Cost of Goods Sold Text used: Managerial Accounting Tenth edition Garrison et al. Publisher: McGrawHill
Views: 4392 Mark Meldrum
Cost Behavior: Fixed, Variable, Mixed, and Step Costs
 
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This video describes the way four different types of costs behave: Variable, Fixed, Mixed and Step. ********************************************************** C’s get degrees, but they don’t get jobs. College is about earning a high GPA and getting the knowledge you need to succeed in your career. To get that knowledge you need to do the reading for your classes, but we all know it’s boring and time-consuming. What if I told you you could eliminate up to 80% of the reading required in your classes, while actually doing better on your exams? Learn more at https://www.collegesuccesshacks.com ******************* NEED MORE HELP? *********************** For more help with cost behavior?: Variable Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/variable-cost/ Fixed Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/fixed-cost/ Mixed Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/mixed-cost/ Mixed Cost and the High-Low Method: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/mixed-cost-and-the-high-low-method/ Introduction to Fixed and Variable Costs: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/cost-behavior-introduction-to-fixed-and-variable-costs/ For more help with your managerial/cost accounting course: https://accountinginfocus.com/managerialcost-accounting/ For information about Accounting In Focus: https://accountinginfocus.com *************** FREE 30-MINUTE TUTORING SESSION ************* Get great tutoring at an affordable price with Chegg. Use our affiliate link to get your first 30 minutes FREE. http://chggtrx.com/click.track?CID=286409&AFID=424689&ADID=1873486&SID ********************** FOLLOW ME *************************** Facebook: Facebook.com/accountinginfocus Twitter: Twitter.com/KristinLIngram Instagram: Instagram.com/KristinIngramCPA
Views: 39136 Kristin Ingram

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