Cost is an intriguing concept in economics and accounting, which cannot be elucidated in any short-cut way if we want to comprehend it effectively. In accounting, cost is referred to monetary value of the sum amount of expenses for supplies, equipment’s, products, services, labor and other items purchased for use by an organization or the business purchases any item for the use. In addition, that is one from the several other definitions of cost and subsequent cost accounting.

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It is argued that the vital costing exercise is to fix the cost of goods sold (COGS). To decide the COGS, we need to comprehend three fundamental elements of costing, which are the followings:

Direct cost of labor – The total cost of the work that the workers performed, who are involved in manufacturing a product is called direct labor cost.

Direct raw material – Direct raw material cost is referred to the total cost of raw materials which are directly involved in the process of manufacturing a particular product.

Overhead cost related to the manufacturing – Manufacturing Overhead cost (MOH) is the sum of whole costing related to the cost object; however it can’t be tracked back directly to the cost object in probable way in terms of economics. That is to be said, that it needs to be added to the overall cost to create profits.

COGS or cost of goods sold is an intriguing accounting concept and as an accounting student, you are expected to find solutions of complex problems related to COGS in a jiffy. Our cost accounting help can assist you in solving such issues or problems. COGS in reference to carrying value of the products sold in the market. To calculate the cost of the goods sold concerning to particular product, you need to mug up some basic steps.

• First step – You should have the information of the units that are manufactured and the overall costs of such items per unit. Second step – To compute the total number of units that are produced, start with the number of units at the beginning of the task in process. Add this number to total number of units that are produced and finally subtract the total amount of units at the end of task process. The following formula makes it easier to comprehend.
• Second Step-Number of units at the beginning of work in process + Total number of units manufactured – Total number of units ending in process = total number of units that are manufactured.
• Third step – With the help of the formula mentioned above you have a number of units that are eventually manufactured. Next you have to calculate the entire cost of goods that a manufactured.
• Forth step – As you have the total number of units and total cost of goods which are manufactured, divide them to gain the COGS unit.

• Standard (or Standardized) Cost Accounting – Standard accounting practices are historically secured and are in according with generally accepted accounting principles (GAAP). In the standard cost accounting, the costs set are eventually calculated with variable costs.
• Environmental Accounting – This cost accounting branch is considered to be both; environmental and economic info during the process of formulating the costs of goods.
• Lifecycle Assessment – Lifecycle assessment (LCA) is specialized form of environmental accounting which considers the potential rise in environment costs obtained by the lifecycle of a product.
• Resource Consumption Accounting – This is a German-based accounting exercise which gives managers information support in regards of optimization of a business enterprise.
• Target Costing – This is a method of pricing that the firms use. It can be defined as maximum cost which can be incurred on a product effectively, with the required profit margin earned by the firm.
• Activity-based Accounting – Activity based accounting is known as ABC, is also another accounting practice that assigns overall cost of every activity accurately with resources to all products and services as per the precise consumption by each. Hence its helps in differnciating three types of cost; Fixed cost, overhead cost and variable cost.
• Lean Accounting – Lean accounting is based on accounting practice which is associated with lean businesses. An enterprise which is lean had its origins in postwar Japan to deal wastage that is associated with manufacturing process. The first agenda of lean accounting is to support lean enterprise effectively.

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