The meaning of PRODUCTION COST is the combined total of raw material and direct labor costs and burden incurred in production.
Meaning and Definition Cost of production refers to the total sum of money needed for the production of a particular quantity of output. As defined by Gulhrie and Wallace, “In Economics, cost of production features a special meaning. It is all about the payments or expenditures essential ...
Define Cost-of-production theory of value. Cost-of-production theory of value synonyms, Cost-of-production theory of value pronunciation, Cost-of-production theory of value translation, English dictionary definition of Cost-of-production theory of value.
: to estimate or set the cost of often used with out The project has yet to be costed out.Phrases at all costs : regardless of the cost or consequences was determined to win at all costs at cost : for the price of production buys clothes at cost directly from the manufacturer...
2.2.1Definitionofopportunitycosts2.2.2Explicitandimplicitcosts2.2.3Differencebetweeneconomistsandaccountants2.2CostsasopportunitycostsTheopportunitycostofanitemreferstoallthosethingsthatmustbeforgonetoacquirethatitem.Wheneconomistsspeakofafirm’scostofproduction,theyincludealltheopportunitycostsofmakingitsoutputofgoodsand...
Define Costes. Costes synonyms, Costes pronunciation, Costes translation, English dictionary definition of Costes. n. 1. An amount paid or required in payment for a purchase; a price. 2. The expenditure of something, such as time or labor, necessary for
Britannica Dictionary definition of COST [+ object] 1 a : to have (an amount of money) as a price ◊ If something costs a certain amount of money, you have to pay that amount of money in order to buy it, use it, or do it. Each ticket costs one dollar. How much does ...
Note that COGM is also known as the cost of goods produced or the cost of goods finished by some specialists. All manufacturing-related costs are included in the COGM. It includes employees, inventory, and production expenses. Further, it is computed by adding up the costs associated with bot...
or material costs that are incurred in the production of goods or services. They support the production or selling processes of the goods or services. Overhead costs are charged to the expense account, and they must be continually paid regardless of whether the company is selling goods or not...
Alternatively, if the business purchases a new machine, it will be able to increase its production. Knowing that the machine setup and employee training will be intensive, and the new machine will not be up to maximum efficiency for the first couple of years, the company estimates that it wo...