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Product Costs and Period Costs
 
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This video provides a relatively simple, qualitative explanation of how expenses are categorized as either product (manufacturing) costs versus period (non-manufacturing) costs within a production firm and is intended for students just beginning a course in managerial accounting.
Views: 38565 The Accounting Tutor
Joint Product Costs and the Splitoff Point
 
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This video introduces the concept of joint costs and the splitoff point in managerial accounting. Joint products refer to two or more products that are produced from the same input. The point at which the raw product is transformed into multiple joint products is known as the splitoff point. (Note: a product with a relatively low sales value may be referred to as a by-product rather than a joint product) Costs incurred prior to the splitoff point are known as joint costs. Joint costs are commonly allocated to the individual joint products (using the relative sales method, physical unit method, or Net Realizeable Value method) for purposes of computing Cost of Goods Sold. However, joint costs are not relevant when deciding what to do with a product after the splitoff point has been reached (for example, in a sell-or-process further decision). After the splitoff point has been reached, joint costs have already been incurred-- thus, managers should only consider the incremental costs and revenues. 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: 37516 Edspira
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: 802284 Jacob Clifford
Product Costs Definition - What are Product Costs?
 
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Product costs definition. Analyzing the definition of key terms often provides more insight about concepts. Product costs can be defined as – Costs that are capitalized as inventory because they produce benefits expected to have future value; include direct materials, direct labor, and overhead. Product costs are costs included in the production of inventory and they can be broken out into components of materials, direct labor, and overhead. When we think of inventory we often think of the direct material included in the inventory but the inventory consists largely of labor and overhead in addition to direct materials. Overhead includes items needed in the production process which cannot be applied directly to an item of inventory, or job, or process. Overhead can include small materials, supervisor salary, and depreciation on a factory. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
Period Costs
 
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This video explains the concept of period costs in managerial and cost accounting. Period costs include things like SG&A expense, and these costs differ from product costs in that they are expensed as incurred (wherewas product costs attach to the product as inventory and flow out of the firm when the product is sold as Cost of Goods Sold). 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: 33392 Edspira
Types of Businesses, Product Costs and Period Costs
 
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This video discusses the three types of businesses studied in managerial accounting and the following topics: direct materials, direct labor, overhead, selling and administrative costs, product costs, period costs, prime and conversion costs. For more help with accounting, please visit my website http://AccountingInFocus.com.
Views: 4675 Kristin Ingram
Product and period costs
 
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Period Costs vs Product Costs
 
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This 5-minute video takes an insightful look at product costs and period costs, using an example to illustrate the key differences. The accounting treatment is also covered at a high level.
Views: 66 Cam Scholey
Costs of Quality
 
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Here we are discussing about, Costs of Quality https://youtu.be/wi0d3aDsVfs Purchasing and Procurement: https://youtu.be/ntHnQrQBG2Y 5 Rights Of Procurement: https://youtu.be/wpKQWvVYnME Conformance and Performance Specification https://youtu.be/ow4oOhsxuPk Total Cost Of Ownership https://youtu.be/YKdcEOTA7Pk Content : Discussing What is a quality product? Categories under costs of quality Subscribe to the channel for more videos
Views: 16464 P&S Buddy
Economics of Production: Total Product, Marginal Product, and Costs
 
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A look at Increasing and Decreasing Marginal Returns, and their relationship to productivity and costs. Handout for this video: http://www.burkeyacademy.com//home/introductory-micro-long-form-lectures/intro-micro-handouts/9%20Production.pdf These videos are part of a complete set of full-length lectures on Introductory Microeconomics. See the course with handouts at http://www.burkeyacademy.com/home/introductory-micro-long-form-lectures Playlist of all videos: https://www.youtube.com/playlist?list=PLlnEW8MeJ4z6xn7bgIvfs8sxL56QeTH6r Support this project on Patreon! https://www.patreon.com/burkeyacademy Or, a one-time donation on PayPal is appreciated! http://paypal.me/BurkeyAcademy My Website: http://www.burkeyacademy.com/ Talk to me on my SubReddit: https://www.reddit.com/r/BurkeyAcademy/
Views: 91 BurkeyAcademy
What are Cost Objects?
 
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Install our android app CARAJACLASSES to view lectures direct in your mobile - https://bit.ly/2S1oPM6 Join my Whatsapp Broadcast / Group to receive daily lectures on similar topics through this Whatsapp direct link https://wa.me/917736022001 by simply messaging YOUTUBE LECTURES Did you liked this video lecture? Then please check out the complete course related to this lecture, COST ACCOUNTING A COMPREHENSIVE STUDY with 280+ Lectures, 29+ hours content available at discounted price(10% off ) with life time validity and certificate of completion. Enrollment Link For Students Outside India: https://bit.ly/2wiWgj8 Enrollment Link For Students From India: https://www.instamojo.com/caraja/cost-accounting-a-comprehensive-study/?discount=inycaacs2 Our website link : https://www.carajaclasses.com Welcome to Cost Accounting - A Comprehensive Study Course. Yes! This is a comprehensive course because you are going to learn all the following in this single course: a) Basics of Costing Accounting (22 Lectures covering Introduction to Costing, Cost Classifications and Cost Sheet) b) Material costing (11 Lectures covering covering Basics of Material Costing) c) Labour Costing (23 Lectures) d) Overheads Costing (18 Lectures) e) Standard Costing Techniques (13 Lectures) f) Standard Costing Variances (17 Lectures) g) Operating Costing (6 Lectures) h) Marginal Costing(30 Lectures) Altogether, you get to access 118 Lectures. So, how this course is relevant for you? If you a Professional course student in the line of Finance or Accounting, then you would have Cost Accounting as part of your major subject. This course will explain theory and practical concepts in Cost Accounting which will help you to excel in Academic Examinations. If you are an Accounting or Finance or Cost Accounting Executive, this course will help you to brush up you basics in Cost Accounting and all the contents have immediate practical relevance and application. With this course, you will be able to understand -basic concepts and processes used to determine product costs; -understand Cost Accounting Statements; -solve simple case studies.This course is structured in self paced learning style.Video lectures were used for delivering the course content. All the sections of this are also available as individual courses. If you aspire to gain strong foundation in Cost Accounting, then this course is for you. Happy Learning and Best Wishes! • Category: Business What's in the Course? 1. Over 138 lectures and 12.5 hours of content! 2. Understand Basics of Cost Accounting 3. Understand Material Costing 4. Understand Labour Costing 5. Understand Overheads Costing 6. Understand Standard Costing Techniques 7. Understand Standard Costing Variances 8. Understand Operating Costing 9. Understand Marginal Costing Course Requirements: 1. Basics of Accounting Who Should Attend? 1. Cost Accounting Students and Executives 2. Accounting Students and Executives 3. Finance Students and Executives 4. MBA Finance Students 5. B.Com., BBA, CA, CMA, CS, CFA, CPA, CIMA Students
Views: 1144 CARAJACLASSES
18.2 Product vs Period Costs
 
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VCE Accounting Unit 4. Slides of this presentation can be found at my SlideShare page http://www.slideshare.net/mjall3
Views: 952 Michael Allison
Product Costs & Period Costs
 
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Views: 137 Melissa Shirah
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/
Do You Really Know How Much Your Product Costs? You May be Surprised! ~ FASt Pointers
 
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Do you know where your company's profits are coming from, what products actually make money, and if your strategy is geared towards maximizing profit? In this video, we will be learning steps to get greater visibility of your product cost and help you maximize your business profitable growth. Let's get started! Want to learn more about this topic? Read our full blog here: http://www.fas-accountingsolutions.com/blog.do?id=1024226142 ~~~~~~~~~~~ Need bookkeeping and tax preparation help? Email us: [email protected] or Visit our website: ow.ly/mtqx30iioul ~~~~~~~~~~ Product Costing and Product Profitability - What is Product Costing? Product costing is a method to capture and accumulate the full cost of producing a product and service and therefore correctly determine its profitability. The difference between the revenue received from selling our products and its cost is our profitability. Although, it may sound simple, there are many costs in a company that are not directly identifiable to a specific product, but still need to be considered. For example, cost of wear and tear (or depreciation) of a machine that you use to produce the product. And so the question is how you add that machine depreciation expense to see the true cost and real profit of your products. Well, that is what product costing is all about. - How do you know if your product is profitable? Let's start by defining what product profitability is and why it's so critical to a business' success. If you think about your company’s revenue and the cost you incurred and paid which you have to deduct from your revenue to know your profitability, Some of the costs are for production purposes while some are not. Other costs such as rent, salaries of office employees cannot be tied back to your products. So, that triggers the question of what is your true product profitability? Is it what you have left once you have deducted product-related costs? Or should you count in all the other indirect costs as well? Let's take a simple example to answer that question. Let's imagine you have a coffee shop business. You sell one medium size cup of coffee for $5.00. Then your product profitability could be that $5.00 minus the total cost of coffee ground beans, milk, lid, cup, and the wages of the barista making the coffee. You might conclude that you're left with $3.00 and that this is your product profitability. Then, the question is, who is going to pay for your store rent, utilities, bookkeeping, and the cashier’s wages? Of course, its your company, who else? So, your product does not only need to generate enough money to pay for itself, but it also needs to pay for the rest of your operations. So, the true definition of product profitability is what money you have left after covering ALL your costs, from product-related costs to your salary, to any other costs the company has to incur. - What are DIRECT VARIABLE COSTS? Direct means that these are the costs directly identifiable to producing the product. The word variable here is very important, because variable cost behaves the same way as your revenue, meaning, the more you produce, the higher your variable cost, the less you produce, the less your variable cost is. - What are DIRECT FIXED COSTS? Direct costs can be easily identifiable to your product. This is different from indirect costs say, rent, utilities, bookkeeping fees, or other costs needed to run your business. - What are INDIRECT FIXED COSTS? Indirect fixed costs are costs incurred to run your business. Those are costs such as rent, salaries, marketing program, bookkeeping fee, and so on. If you are unsure on the direct or indirect nature of a cost, don’t hesitate to consult with your bookkeeper or part-time CFO. - PRODUCT COST ALLOCATION Let's consider store rent in our coffee shop example, which has no link at all to any products in particular. You can establish a method for allocating the indirect fixed costs (either as a percentage of the revenue of each product or some other method that will be acceptable and consistently applied in your company). Consult with your bookkeeper to obtain guidance on the best allocation method for your company. If you think that product costing will help your company achieve a profitable growth, we can help you. You can reach me at [email protected]
Part 1 - Relevant Costs for Decision Making - Sunk and Differential Costs
 
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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 look at relevant costs for short term decision making. There are 6 parts: 1.) Relevant Costs: Sunk and Differential costs discussed. 2.) Keep or Replace old equipment 3.) Drop or retain underperforming division 4.) Make or Buy 5.) Special order 6.) Constrained Resource 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: 99653 Tony Bell
Period Costs Definition - What are Period Costs?
 
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Period costs definition. Analyzing the definition of key terms often provides more insight about concepts. Period costs can be defined as – Expenditures identified more with a time period than with finished products costs; including selling and administrative. Period costs can be contrasted with inventory costs, costs related to the production of inventory, costs expensed in the form of cost of goods sold. Period costs include selling and administrative costs and are generally expensed when incurred rather than being capitalized in the form of inventory. Period costs are generally separated and reported below inventory costs in a multiple step income statement. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
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: 197829 Edspira
Variable Costs and Fixed Costs (Part 1 of 2)
 
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This video is Part 1 of a simple, qualitative explanation of how expenses are categorized as variable or fixed.
Views: 55979 The Accounting Tutor
What is Overhead costs | overhead definition | Costing| CA/CS/CMA Video Lectures
 
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What are Overhead Costs? Overhead costs, often referred to as overhead or operating expenses, refer to those expenses associated with running a business that can’t be linked to creating or producing a product or service. They are the expenses the business incurs to stay in business, regardless of its success level. Takshila Learning provides online and offline classes for CA/CS/CMA Video Lectures by CA Ashish Gupta in pendrive, Smartphones, Downloadable Link, and Tablet. visit- https://www.takshilalearning.com/course/ca-ipcc-inter-cost-and-management-accounting/ Overhead costs are all of the costs on the company’s income statement except for those that are directly related to manufacturing or selling a product, or providing a service. A potter’s clay and potting wheel are not overhead costs because they are directly related to the products made. The rent for the facility where the potter creates is an overhead cost because the potter pays rent whether she’s creating products or not. Overhead Cost Examples A company’s overhead costs depend on the nature of the business. A retailer’s expenses will be different from a repair shop or a crafter’s. Typical examples include: Rent Utilities Insurance Salaries that aren’t job- or product-specific Office equipment such as computers or telephones Office supplies Types of Overhead Costs Overhead costs can be broken down into three types: Fixed Variable Semi-variable To buy this course follow the link below:- https://www.takshilalearning.com/course/ca-ipcc-inter-cost-and-management-accounting/ For further assistance please call us at: 8800-999-280/011-45639131 overhead overhead definition overhead defined overhead described what is overhead accounting overhead what is overhead cost overheads costing costing ca video lectures cs video lectures cma video lectures takshila learning overheads direct cost indirect cost, indirect costs types of overhead costs, overhead costs Follow us :- Facebook:-https://www.facebook.com/takshilalearn/ Twitter:-https://twitter.com/TakshilaLearn Linkedin:-https://www.linkedin.com/company/takshila-learning-pvt.-ltd.?trk=biz-companies-cym
Views: 584 takshila learn
2.3 Cost object, Direct Costs and Indirct Costs
 
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2.3 Cost object, Direct Costs and Indirct Costs
Views: 31781 Dee Amaradasa
Calculate Food Cost | 5 Steps to Reduce Costs for Restaurant Management
 
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Learn how to calculate food cost and monitor the price changes in your business. James Clary teaches how to avoid the error most management makes that costs time and money. Lower your food cost percentage on your menu like a smart owner. Get a demo: www.foodcst.com Related Tags: food cost calculator food cost percentage restaurant consulting restaurant owner the restaurant boss ryan gromfin restaurant food business excel cost control standard food cost formula food cost inventory spreadsheet food cost formula pdf food cost calculator app food cost software for mac food cost calculator software food cost calculator excel food cost percentage formula excel food cost percentage definition The proper calculation is Beginning Inventory + Food Purchases - Ending Inventory. This number provides the restaurant's Cost of Goods Sold (COGS). The COGS is then divided by Food Sales, and the resulting number is your exact food cost. For more information on restaurant software provided by Foodcst you can visit www.foodcst.com.
Views: 53508 FoodCst LLC
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: 136 Accountingplus
vl 2 4 components of product costs
 
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Defining definition of various components of full costing, including absorption costs, variable cost and contribution margin
Views: 176 Anthony Carro
Concept 3.1: Product and period costs
 
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I. A.  Product  vs Period Costs:  Assets
 
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Definition of Assets, Inventory, Product Costs
Views: 2266 PamelaDJonesWCU
Direct Costs Definition - What are Direct Costs?
 
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Direct costs definition. Analyzing the definition of key terms often provides more insight about concepts. Direct costs can be defined as – Costs incurred for the benefit of one specific cost object. Direct costs can be contrasted with indirect costs. Direct costs are generally costs that can be tracked specifically to an item of inventory or process and the term direct costs is often used in a manufacturing company. Direct costs include direct materials and direct labor. Direct material can be tracked to a job or process and direct labor can be tracked to a job or process. Indirect costs are costs that cannot be tracked to a job or process and are generally grouped in overhead. Indirect costs include indirect material, indirect labor, and indirect costs related to the production facilities, the factory. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
3 Types of Manufacturing Costs (Direct Materials, Direct Labor, Manufacturing Overhead)
 
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This videos identifies and defines the three types of manufacturing costs: Direct Materials, Direct Labor, and Manufacturing Overhead. The video also provides examples of each type of manufacturing cost to better illustrate the concepts. 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: 135414 Edspira
Direct vs. Indirect Costs
 
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This video defines direct and indirect costs and provides an example to illustrate the difference between direct and indirect costs. 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: 51435 Edspira
Conversion Costs Definition - What are Conversion Costs?
 
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Conversion costs definition. Analyzing the definition of key terms often provides more insight about concepts. Conversion costs can be defined as – Expenditures incurred in converting raw materials to finished goods; includes direct labor costs and overhead. Conversion cost is one way we can categorize the cost of production the costs of inventory, the costs needed to convert raw material to something useful. Inventory consists of raw material but a large part of what inventory is and costs are conversion costs. Direct labor is often a big factor in converting raw material to inventory. Indirect costs are generally included in overhead, overhead being a bucket for costs that will be included to inventory but are difficult to directly assign to specific units of inventory. Overhead costs could include most any cost on the factory, indirect labor, and indirect materials.
I. B, Product vs Period Costs:  Expenses.wmv
 
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Definition of Expense, Period Costs
Views: 2195 PamelaDJonesWCU
17 -- Product Costs Versus Period Costs
 
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An overview of product costs versus period costs, to accompany http://www.principlesofaccounting.com Chapter 17, Introduction to Managerial Accounting. *Check out the Classroom page to find out how to take this course for credit: http://www.principlesofaccounting.com/classroom.html
Views: 16594 Larry Walther
Variable Costs Video Definition
 
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We explain the definition of Variable Costs, provide a clear example of the formula and explain why it's an important concept in business, finance & investing.
Views: 32202 sainvestinganswers
Absorption Costing - Costs and Costing Techniques - Learn Accounting Online
 
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COSTS AND COSTING TECHINQUES The different elements of costs are materials, labour and expenses. The elements of costs can broadly be put into two categories. 1. Fixed costs 2. Variable costs Fixed cost are those which do not vary, but remain constant within a given period of time, inspite of fluctuations in production. The examples of fixed costs are rent, insurance charges, management salaries, etc. On the other hand, variable costs are those which vary in direct proportion to any change in the volume of output. The costs of direct material, direct wages etc, can be put into this category. The cost of a product can be ascertained by any of the following two costing techniques: 1. Absorption costing Technique 2. Marginal Costing Techigue Absorbtion costing technique is also termed as ''TRADITIONAL or FULL COST METHOD''. According to this method, the cost of a product is determined after considering both fixed and variable costs. The variable costs, such as those of direct materials, direct labour, etc. are directly charged to the products, while the fixed costs are approportioned on a suitable basis over different products, manufactured during a period. Thus, in the case of absorption costing, all costs are identified with the manufactured products. Advantages of absorption costing: It recognizes the importance of fixed costs in production. This method is accepted by Inland revenue, as stock is not undervalued. This method is always used to prepare financial accounts. When production remains constant, but sales fluctuate absorption costing will show less fluctuation in net profit. Unlike marginal costing, where fixed costs are agreed to change into variable cost, it is cost into the stock value, hence distorting stock valuation. Disadvantages of absorption costing: It assumes that prices are simply a function of costs. It does not take the account of demand. It includes past costs which may not be relevant to the pricing decision at hand. It does not provide information which aids decision-making in a rapidly changing market environment.As the manager's emphasis is on total cost, the cost-volume-profit relationship is ignored. The manager needs to use his intuition to make the decision.
Views: 58624 Alternate Learning
How to Allocate Joint Costs using Net Realizable Value
 
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This video shows how to allocate joint costs using the Net Realizable Value method. The Net Realizable Method is particularly useful for allocating joint costs when you don't know the estimated sales value at the splitoff point and will be processing the products further. 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: 23815 Edspira
Job Costing - Flow of Costs
 
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Job Costing versus Process Costing; Flow of Costs, continued https://youtu.be/OdUlcAwczRc
02 02 12 What are Switching Costs
 
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Switching costs are those costs associated with switching or changing from one product or service to another.
[#2]Cost sheet with Inventories [Comprehensive Problem] Cost Sheet tutorial by:- Kauserwise
 
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Here is the video about Cost sheet with Inventories - comprehensive problem in Cost accounting, In this video we have done a Comprehensive problem on Cost Sheet, and We explained briefly what is cost sheet, order of cost sheet classifications and cost sheet format. hope this will help you to get the subject knowledge at the end. Thanks and All the best. 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 For Statisctics - https://www.youtube.com/playlist?list=PLabr9RWfBcnoJi5snMQQzDGYmb4ydFpTs
Views: 185462 Kauser Wise
Prime Costs Definition - What are prime costs
 
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Prime costs definition. Analyzing the definition of key terms often provides more insight about concepts. Prime costs can be defined as – Expenditures directly identified with the production of finished goods; including direct materials and direct labor. Prime cost are costs that are prime to the production of inventory, those costs that can be tracked directly to a unit of inventory, a particular job, or a particular process. Direct material and direct labor are prime costs because they can be tracked to a particular unit of inventory, job, or process. If a cost is part of the inventory but cannot be tracked to a particular unit of inventory, job, or process it will be placed in overhead, to be allocated to inventory, job, or process using an estimate at a later time. Why Learn Accounting - Financial Accounting / Managerial Accounting https://youtu.be/uaWDB1YdA1k?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Double Entry Accounting System Explained - Accounting Equation https://youtu.be/66e9QbrkE4g?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Cash vs Accrual - Cash Method / Accrual method differenc https://youtu.be/i2O0cexCrqc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Revenue Recognition Principle https://youtu.be/M_pauBGz5Jc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI Double Entry Accounting System Explained - Balance Sheet https://youtu.be/kOItl8E3fNA?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Income Statement Introduction https://youtu.be/1k11H8icQxc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Accounting Objectives - Relevance Reliability Comparability https://youtu.be/mO8tPzFmN8o?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Rules - Accounting Equation https://youtu.be/0vy6W_WTO2I?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Transaction Throught Process / Steps - Accounting Equation https://youtu.be/SlTo3EXDuqU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Owner Deposits Cash Transaction Accounting Equation https://youtu.be/lPZoImc88eU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 101 Work Completed for Cash Transaction Accounting Equation https://youtu.be/ll5xIHVdrVs?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 100.110 Pay Employee with Cash Transaction Accounting Equati https://youtu.be/bSa3NuVpkwc?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits Normal Balance - Double Entry Accounting Sy https://youtu.be/alSWKuWPlxU?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI 200 Debits & Credits - One Rule to Rule Them All https://youtu.be/RL3BFjL1eyE?list=PL60SIT917rv52SlrB3FFn2WMyZEkj6uBI
accumulating and assigning costs to products
 
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Subscribe today and give the gift of knowledge to yourself or a friend accumulating and assigning costs to products Accumulating and Assigning Costs to Products . Chapter 4 . Cost Flows in Organizations. In order to compute product costs, management accounting systems should reflect the actual cost flows in an organization Slideshow 3031168 by karis show1 : Accumulating and assigning costs to products show2 : Cost flows in organizations show3 : Review of important cost terms show4 : Handling indirect costs in a manufacturing environment show5 : Indirect manufacturing costs overhead allocation show6 : Accumulating and assigning costs to products show7 : Indirect manufacturing costs overhead allocation1 show8 : Indirect manufacturing costs overhead allocation2 show9 : Overapplied overhead show10 : Underapplied overhead show11 : Accumulating and assigning costs to products show12 : Job order versus process costing show13 : Job order and process costing examples show14 : Relating product costs to jobs show15 : Practice excercises show16 : Process costing cost flows through departments accounts show17 : Process costing costs and units show18 : Calculating unit cost show19 : Calculating unit cost1 show20 : Process costing kent chemicals example show21 : Dealing with transferred in cost show22 : Drop a product line show23 : Dropping a product line mercer hardware example show24 : Dropping a product line mercer hardware example1 show25 : Dropping a product line mercer hardware example2 show26 : Beware of the cost allocation death spiral show27 : Practice
Views: 144 slideshowing
The Hidden Costs of Freight Distribution - Product Damage
 
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Damage to your goods can creep in as a very real and expensive hidden cost of freight distribution. As a client, your expectation is to get your items delivered safely and on time. Damaged goods however increases your total cost of doing business. More information on https://www.airroad.com.au/HiddenCosts.aspx
Views: 69 AirRoad Marketing
3 Ways to Allocate Costs to Multiple Support Departments (Direct, Step-down, and Reciprocal methods)
 
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This video discusses three different ways to allocate the costs of multiple support departments when the support departments provide services to each other. The key question is how to treat the costs of services that the support departments provide to each other. The Direct Method does not allocate any of these costs, the Step-down Method allocates some of these costs, and the Reciprocal Method allocates all of these costs. 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: 22942 Edspira
Product and Period Costs
 
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To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
The Flow of Costs for a Manufacturer
 
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This video discusses the flow of costs for a manufacturer. The process begins when manufacturing companies acquire raw materials (Raw Materials Inventory). At some point, the raw materials are placed into production and labor (along with other manufacturing costs, known as manufacturing overhead) is incurred to begin manufacturing the product. At this stage, the Raw Materials Inventory account is reduced and the Work-in-Process Inventory account is increased. The Work-in-Process Inventory consists of partially-completed units. Once the units are completed, the Work-in-Process Inventory account is reduced and the Finished Goods Inventory account is increased. When the units are finally sold, the Finished Goods Inventory account is decreased as the units are expensed through Cost of Goods Sold on the Income Statement. Thus, the costs flow through several inventory accounts (raw materials, work-in-process, and finished goods) on the Balance Sheet before ultimately being expensed through Cost of Goods Sold. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter 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 Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 416 Edspira
Inventoriable Product Costs   Diagram
 
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Please like our Facebook page at https://www.facebook.com/rutgersweb To watch the entire video, please go to https://www.youtube.com/watch?v=IRdOBNeFXSA Description: In this lecture, merchandising and manufacturing companies are compared (including the income statements of both). Many common terms and definitions used throughout Managerial Accounting is discussed here as well. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
SELLING COSTS (MONOPOLISTIC COMPETITION) MICRO ECONOMICS
 
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SELLING COSTS (MONOPOLISTIC COMPETITION) MICRO ECONOMICS
Views: 1777 Shashi Aggarwal
Reducing product design costs by 80 per cent with Centek
 
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Engineers at the University of Exeter worked with Newton Abbot-based Centek Group to significantly reduce costs and development times for new products into the oil and gas sector. Centralizers are vitally important for safety in the oil and gas industry, retaining casings centrally within boreholes and preventing leaks at the surface. Centralizers are often in demand at very short notice, with specific requirements depending on the drilling operation. Existing methods for development of centralizers for demanding oil wells can take up to 12 weeks, and can cost several thousand pounds. Costs for delaying drilling operations are extremely large, and so short development time is especially valuable. Current design and test processes require several concurrent prototypes. Often, further refinements needed after testing can push the cost up further. Using some of their high performance computers, Engineering staff at the University of Exeter have developed specialist modelling software and a surface response modelling tool which will drastically reduce the number of test cycles, and the total cost and time taken to get new products to customers. By working with the University of Exeter, Centek have demonstrated they can produce new product designs within one week and cut costs by up to 80 per cent. This new design tool, which can run on a smart phone on site at an oil well, will not only increase profitability for the Devon-based manufacturer, but also safeguard quality jobs and help Centek Group beat international competition.
Customer switching costs - explained
 
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Customer switching costs are the costs that tend to tie buyers to one supplier. These costs tend to be high when the product is durable or specialised, or when the customer has invested a lot of time and energy in learning how to use the product, or when the customer has made special-purpose investments that are useless elsewhere. - created at http://www.b2bwhiteboard.com
Views: 3301 B2Bwhiteboard

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