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3 Types of Manufacturing Costs Direct Materials Direct Labor Manufacturing Overhead

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Lessons List | 26 Lesson

Basic Cost Concepts with a touch of humor | Managerial Accounting

Basic Cost Concepts with a touch of humor | Managerial Accounting

Cost Objects

Direct vs Indirect Costs

Direct vs Indirect Costs

Product Costs in Manufacturing aka Inventoriable Costs

Product Costs in Manufacturing aka Inventoriable Costs

Period Costs

Product vs Period Cost

Product vs Period Cost

3 Types of Manufacturing Costs Direct Materials Direct Labor Manufacturing Overhead

3 Types of Manufacturing Costs Direct Materials Direct Labor Manufacturing Overhead

Direct Materials Managerial Acccounting

Direct Materials Managerial Acccounting

Direct Labor Managerial Accounting

Direct Labor Managerial Accounting

Manufacturing Overhead

Manufacturing Overhead

Prime Costs and Conversion Costs

Prime Costs and Conversion Costs

Raw Materials Inventory

Raw Materials Inventory

Work in Process WIP Inventory

Work in Process WIP Inventory

Finished Goods Inventory

Finished Goods Inventory

The Flow of Costs for a Manufacturer

The Flow of Costs for a Manufacturer

Nonmanufacturing Costs SG A Expense

Nonmanufacturing Costs SG A Expense

Cost of Goods Manufactured COGM

Cost of Goods Manufactured COGM

Opportunity Cost

Opportunity Cost

Cost of Goods Sold COGS for a Manufacturing Firm

Cost of Goods Sold COGS for a Manufacturing Firm

Journal Entry for Cost of Goods Sold

Journal Entry for Cost of Goods Sold

Cost of Revenue

Cost of Revenue

Sunk Costs

Variable Costs

Fixed Costs

The Relevant Range Managerial Accounting

The Relevant Range Managerial Accounting

Cost Drivers

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Course Description

The concept of direct and indirect cost is of basic importance in costing. Costs which are easily and directly allocated to products or units are termed as direct cost. ... In the process of manufacturing of a product, materials are purchased, wages are paid to labour, and certain other expenses are also incurred directly.What are the five cost concepts? Besides the concept of opportunity cost, there are several other concepts of cost namely fixed costs, explicit costs, social costs, implicit costs, social costs, and replacement costs. Hence there are several different types of concepts of cost, which have been discussed in the following.What is the basic concept of cost concepts? The cost concept demands all assets to be recorded in the books of accounts of the prices at which they were bought. This involves the cost incurred for transportation, installation, and acquisition. ... The word 'cost' is also known as 'money cost', which is linked with the capital expenditure of a company.

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