What Are The Important Terminologies In Product Costing?

1.	What Are The Important Terminologies In Product Costing?
Answer» RESULTS ANALYSIS Key – This key determines how the Work in Progress is calculated COST Components - The break up of the costs which get reflected in the product COSTING eg. Material Cost, Labour Cost, Overhead etc Costing Sheets - This is used to calculate the overhead in Controlling Costing Variant - For All manufactured products the price CONTROL recommended is Standard Price. To come up with this standard price for the finished good material this material has to be costed. This is done using Costing Variant. Further questions down below will explain this concept better.

Answer»

RESULTS ANALYSIS Key – This key determines how the Work in Progress is calculated
COST Components - The break up of the costs which get reflected in the product COSTING eg. Material Cost, Labour Cost, Overhead etc
Costing Sheets - This is used to calculate the overhead in Controlling
Costing Variant - For All manufactured products the price CONTROL recommended is Standard Price. To come up with this standard price for the finished good material this material has to be costed. This is done using Costing Variant. Further questions down below will explain this concept better.

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