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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: 853395 Jacob Clifford
Manufacturing Costs (Direct Materials, Labor, Manufacturing Overhead) and Product and Period Costs.
 
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Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu ​Costs can be split up into manufacturing and non-manufacturing costs. We'll look over certain direct and indirect costs and decide how they should be categorized. This tutorial will come in handy when we begin to prepare Cost of Goods Manufactured Statements! Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 64334 Notepirate
Product Costs in Manufacturing (aka Inventoriable Costs)
 
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This video explains the concept of product costs (aka inventoriable costs) for a manufacturing firm. An example is provided to illustrate how product costs attach to a product (first as inventory, then later through cost of goods sold), as opposed to period costs which are expensed as incurred (and thus are not attached to the product or affected by its flow). 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: 31571 Edspira
#20, Production function, types of products (Micro economics-Class 11 and 12)
 
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Class 12 microeconomics... Production function... Types of production function.... difference between short run and long run production function Types of products... Contact for my book ..7690041256... Economics on your tips video 20 Our books are now available on Amazon Special Combo - Economics on your tips Micro + Macro http://amzn.in/d/eSxj5Ui Economics on your tips Macroeconomics http://amzn.in/d/2AMX85O Economics on your tips Microeconomics http://amzn.in/d/cZykZVK Official series of playlists UG courses ( bcom, bba, bca, ba, honours) – https://www.youtube.com/playlist?list=PLgC10_Xv-BGirAqOr-hU8e-N_Nz0UpgJ- Micro economics complete course – https://www.youtube.com/playlist?list=PLgC10_Xv-BGg5n3YU6oEV7_HIzBuEbbOz Macro economics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGg2ORORpILqiDR1gyH3MkXw Statistics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGjrAkDyeMioJ7DEexAEeVdt National income – https://www.youtube.com/playlist?list=PLgC10_Xv-BGjpE-1V4uz_0wvvbZQnSsj_ In order to promote us and help us grow Paytm on - 7690041256 Link for the previous video(video 19) Numerical problems of elasticity of demand(Class 12 microeconomics) economics on your tips video 19 - YouTube https://www.youtube.com/watch?v=0cJZZjiYcr4 Link for the next video(video 21) Class 12 microeconomics(law of variable proportion,return to a factor)economics on your tips video21 - YouTube https://www.youtube.com/watch?v=uSYPksuVkhM&t=25s
Views: 519496 Economics on your tips
How to calculate the Cost of product
 
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Let's Make Your Business Digital With Lapaas. Join Our Most Advanced Digital Marketing Course. That will cover 23 Modules of Business And Digital Marketing like SEO, SEM, Email Marketing, Social Media Marketing, Affiliate Marketing , Digital Identity Creation, blogging, advanced analytics, blogging, video production, Photoshop, business Knowhow, etc To Know More Call +919540065704 or Visit https://lapaas.com/ Lapaas - Best Digital Marketing Institute 455 Shahbad Daulatpur, Delhi-110042 Nearest Metro Station Samaypur Badli Or Rithala How much a product cost for a manufacturer? What should be the MRP for the product? To answer these questions several factors need to be concerned. Total cost = Fixed cost + Variable cost So what comes under fixed cost? It involves wages of the employees, rent of the factory,interest expense,stc. Variable cost involves extra hourly wages of employees, operation cost,raw materials,packaging,etc. So the total cost can be calculated by adding fixed and variable cost. Watch this video to learn more. Share, Support, Subscribe!!! Youtube: https://www.youtube.com/IntellectualIndies Twitter: https://twitter.com/Intellectualins Facebook: https://www.facebook.com/IntellectualIndies Facebook Myself: https://www.facebook.com/princesahilkhanna Instagram: https://www.instagram.com/intellectualindies/ Website: sahilkhanna.in About : Intellectual Indies is a YouTube Channel, Intellectual Indies is all about improving Mentally, Emotionally, Psychologically, Spiritually & Physically.
Views: 26775 Intellectual Indies
Product cost vs period cost
 
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What is a product cost versus a period cost? Let’s discuss the accounting concepts product cost and period cost with some easy to understand examples. Product costs include all the costs that are involved in acquiring or making product. Product costs are viewed as "attaching" to units of product as the goods are purchased or manufactured. Period costs are expensed on the income statement in the period in which they are incurred. Period costs are not a necessary part of the manufacturing process. As a result, period costs cannot be assigned to the products or to the cost of inventory. Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business and #accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investing decisions. Philip delivers #financetraining in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
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: 139468 Edspira
Fixed, Variable, and Marginal Cost.
 
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Thinking about average fixed, variable and marginal cost More free lessons at: http://www.khanacademy.org/video?v=bBQVaRnHqLs
Views: 442728 Khan Academy
Product Cost per Unit - Determine Relevant Costs - CSUN Gateway Managerial Accounting - Problem 13
 
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Please buy a copy of Scholarships: Quick and Easy: https://www.amazon.com/Scholarships-Devon-Patrick-Scott-Coombs/dp/1530670330/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr= Devon Coombs explains how to determine relevant product costs per unit when given multiple product costs. Follow the link below for the question in this video: http://www.csun.edu/sites/default/files/managerialquiz.pdf Follow me on Twitter and LinkedIn: https://twitter.com/devonpscoombs https://www.linkedin.com/in/devoncoombs Please subscribe to my channel :)
Views: 11511 Business Core Tutoring
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: 35036 Edspira
Product Cost Vs Period Cost | Managerial Accounting | CMA Exam | Ch 2 P 2
 
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Product Costs For financial accounting purposes, product costs include all costs involved in acquiring or making a product. In the case of manufactured goods, these costs consist of direct materials, direct labor, and manufacturing overhead.1 Product costs “attach” to units of product as the goods are purchased or manufactured, and they remain attached as the goods go into inventory awaiting sale. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold, the costs are released from inventory as expenses (typically called cost of goods sold) and matched against sales revenue on the income statement. Because product costs are initially assigned to inventories, they are also known as inventoriable costs. We want to emphasize that product costs are not necessarily recorded as expenses on the income statement in the period in which they are incurred. Rather, as explained above, they are recorded as expenses in the period in which the related products are sold. Period Costs Period costs are all the costs that are not product costs. All selling and administrative expenses are treated as period costs. For example, sales commissions, advertising, executive salaries, public relations, and the rental costs of administrative offices are all period costs. Period costs are not included as part of the cost of either purchased or manufactured goods; instead, period costs are expensed on the income statement in the period in which they are incurred using the usual rules of accrual accounting. Keep in mind that the period in which a cost is incurred is not necessarily the period in which cash changes hands. For example, as discussed earlier, the costs of liability insurance are spread across the periods that benefit from the insurance—regardless of the period in which the insurance premium is paid. Page 28 Prime Cost and Conversion Cost Two more cost categories are often used in discussions of manufacturing costs—prime cost and conversion cost. Prime cost is the sum of direct materials cost and direct labor cost. Conversion cost is the sum of direct labor cost and manufacturing overhead cost. The term conversion cost is used to describe direct labor and manufacturing overhead because these costs are incurred to convert materials into the finished product. product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, cpa exam. Manufacturing Overhead Manufacturing overhead, the third manufacturing cost category, includes all manufacturing costs except direct materials and direct labor. Manufacturing overhead includes items such as indirect materials; indirect labor; maintenance and repairs on production equipment; and heat and light, property taxes, depreciation, and insurance on manufacturing facilities. A company also incurs costs for heat and light, property taxes, insurance, depreciation, and so forth, associated with its selling and administrative functions, but these costs are not included as part of manufacturing overhead. Only those costs associated with operating the factory are included in manufacturing overhead. Various names are used for manufacturing overhead, such as indirect manufacturing cost, factory overhead, and factory burden. All of these terms are synonyms for manufacturing overhead. Nonmanufacturing Costs Nonmanufacturing costs are often divided into two categories: (1) selling costs and (2) administrative costs. Selling costs include all costs that are incurred to secure customer orders and get the finished product to the customer. These costs are sometimes called order-getting and order-filling costs. Examples of selling costs include advertising, shipping, sales travel, sales commissions, sales salaries, and costs of finished goods warehouses. Selling costs can be either direct or indirect costs. For example, the cost of an advertising campaign dedicated to one specific product is a direct cost of that product, whereas the salary of a marketing manager who oversees numerous products is an indirect cost with respect to individual products. Administrative costs include all costs associated with the general management of an organization rather than with manufacturing or selling. Examples of administrative costs include executive compensation, general accounting, secretarial, public relations, and similar costs involved in the overall, general administration of the organization as a whole. Administrative costs can be either direct or indirect costs.
Manufacturer Price Sheet: Material, Labor, Overhead & Profit
 
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The following video breaks down how a manufacturer should come up with a price for industrial finished goods. First, the company must account for its material costs and apply a 5 percent indirect cost to that portion of the manufacturer's price sheet. This 5 percent is meant to offset overruns in production and or additional costs of financing inventory and material purchases. Second, the company must account for its labor relative to each operation performed to turn a raw material into a finished good. The calculation involves defining the operation and applying the labor cost to both the setup time in manufacturing and the actual run time. Third, all labor costs are added in order to come up with a complete total for all the costs of manufacturing a given product. Those costs are then followed up by the company's overhead, which is calculated by taking its indirect expenses divided by its direct expenses. Indirect expenses are those expenses that are in addition to the the costs needed to produce a part. Direct expenses are exactly that. These include the costs involved or expenses involved in manufacturing the part. Finally, the company adds its mark-up in order to secure a profit on the sale. Profit is critical because it helps to fund the company's pursuit of new product introductions and secure its long-term future. Here is a sample of the Manufacturer Price Sheet in Excel Format http://www.driveyoursuccess.com Video explains how to price a product with direct material, labor, overhead and profit
Views: 28747 Ian Johnson
#23, Types of cost in economics and cost function (microeconomics -  Class 11 and 12)
 
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Class 12 microeconomics.... types of cost Introduction of cost... Cost function..... Types of cost... Total fixed cost... Total variable cost.... Total cost...... Cont for my book....7690041256 Economics on your tips video 23 Our books are now available on Amazon Special Combo - Economics on your tips Micro + Macro http://amzn.in/d/eSxj5Ui Economics on your tips Macroeconomics http://amzn.in/d/2AMX85O Economics on your tips Microeconomics http://amzn.in/d/cZykZVK Official series of playlists UG courses ( bcom, bba, bca, ba, honours) – https://www.youtube.com/playlist?list=PLgC10_Xv-BGirAqOr-hU8e-N_Nz0UpgJ- Micro economics complete course – https://www.youtube.com/playlist?list=PLgC10_Xv-BGg5n3YU6oEV7_HIzBuEbbOz Macro economics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGg2ORORpILqiDR1gyH3MkXw Statistics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGjrAkDyeMioJ7DEexAEeVdt National income – https://www.youtube.com/playlist?list=PLgC10_Xv-BGjpE-1V4uz_0wvvbZQnSsj_ In order to promote us and help us grow Paytm on - 7690041256 Link for the previous video(video 22) causes of increasing,decreasing nd -ve return(Class 12 microeconomics)economics on your tips video22 - YouTube https://www.youtube.com/watch?v=oNi1cPTwRnE Link for the next video(video 24) Class 12 microeconomics (types of cost) economics on your tips video 24 - YouTube https://www.youtube.com/watch?v=YD5ZZrhWu7M
Views: 477335 Economics on your tips
Cost Curves- Microeconomics 3.3 (Part 2)
 
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In this video I explain how to draw and analyze the cost curves. Most teacher sad professors focus on the per unit cost curves. That included marginal cost, average total cost, average variable costs, and the average fixed cost. Each have a specific shape. It might not be the most exciting thing in the world, but I promise that it gets enjoyable once you understand it. Thanks for watching. Please subscribe! If you need more help, check out my Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 606799 Jacob Clifford
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: 4709 Kristin Ingram
Job Order Costing vs Process Costing
 
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This video discusses the differences between job-order costing and process costing in the context of managerial accounting. Examples are provided to illustrate how job-order costing is used for heterogeneous products while process costing is used for homogeneous products, with an emphasis on how costs flow through departments rather than jobs under process costing (with work-in-process inventory accounts for each department). 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: 64981 Edspira
Cost Behavior: Fixed, Variable, Mixed, and Step Costs
 
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This video describes the way four different types of costs behave: Variable, Fixed, Mixed and Step. ********************************************************** C’s get degrees, but they don’t get jobs. College is about earning a high GPA and getting the knowledge you need to succeed in your career. To get that knowledge you need to do the reading for your classes, but we all know it’s boring and time-consuming. What if I told you you could eliminate up to 80% of the reading required in your classes, while actually doing better on your exams? Learn more at https://www.collegesuccesshacks.com ******************* NEED MORE HELP? *********************** For more help with cost behavior?: Variable Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/variable-cost/ Fixed Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/fixed-cost/ Mixed Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/mixed-cost/ Mixed Cost and the High-Low Method: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/mixed-cost-and-the-high-low-method/ Introduction to Fixed and Variable Costs: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/cost-behavior-introduction-to-fixed-and-variable-costs/ For more help with your managerial/cost accounting course: https://accountinginfocus.com/managerialcost-accounting/ For information about Accounting In Focus: https://accountinginfocus.com *************** FREE 30-MINUTE TUTORING SESSION ************* Get great tutoring at an affordable price with Chegg. Use our affiliate link to get your first 30 minutes FREE. http://chggtrx.com/click.track?CID=286409&AFID=424689&ADID=1873486&SID ********************** FOLLOW ME *************************** Facebook: Facebook.com/accountinginfocus Twitter: Twitter.com/KristinLIngram Instagram: Instagram.com/KristinIngramCPA
Views: 40148 Kristin Ingram
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: 53137 Edspira
[#1] Introduction to Cost Accounting - (COST SHEET) :-by kauserwise
 
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Introduction to Cost Accounting - (COST SHEET) Accounting tutorial, Elements of costs, Material cost, Labour cost, other expenses, Direct material cost, indirect material cost, direct labour cost, indirect labour cost, direct other expenses, indirect other expenses. Over heads. Factory over heads, office and administrative over heads, selling and distribution over heads. 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
Views: 650937 Kauser Wise
Cost of Goods Manufactured, Cost of Goods Sold; Product versus Period costs - Accounting video
 
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Discussion on the flow of costs in a manufacturing company. Simple discussion on direct materials, direct labor and overhead. Also discussed are cost of goods manufactured, cost of good sold, prime costs, period costs, product costs, and conversion costs. Other videos in this series: Part 1 - Cost Terminology Part 3 - Gross Profit Income Statement For more accounting/how to eLectures (and accompanying lecture notes), blog and a discount textbook-store visit www.TheAccountingDr.com. Please leave any question you have as comments and I will be happy to respond. NOTE: Videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad)
Mod-08 Lec-19 Types of Costs
 
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Managerial Accounting by Dr. Varadraj Bapat,Department of Management,IIT Bombay.For more details on NPTEL visit http://nptel.ac.in
Views: 3788 nptelhrd
II. B. Direct vs. Indirect Product Costs.wmv
 
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Description of Direct Materials, Direct Labor and Indirect factory costs which are called "Manufacturing Overhead"
Views: 5287 PamelaDJonesWCU
What is a Product Cost vs. Period Cost?
 
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WANNA MASTER MANAGERIAL ACCOUNTING? CLAIM YOUR 50% OFF COUPON BELOW! https://www.udemy.com/managerial-accounting-the-ultimate-beginner-course/?couponCode=50_OFFM Hey Students! In this video today, we use an easy example of a car factory to show you how Product Costs and Period Costs work in Managerial Accounting. See how we calculate product costs and how materials, labor and overhead work. Product Costs are what make up a product. What about the other costs such as Period Costs? Learn more about selling and admin costs. Find out how in this engaging video. Take a look! ******************************************************************** Wanna Master Managerial Accounting? Claim your 50% Off Coupon Now! Managerial Accounting - The Ultimate Beginner Course: https://www.udemy.com/managerial-accounting-the-ultimate-beginner-course/?couponCode=50_OFFM ******************************************************************** SUBSCRIBE SO YOU CAN MASTER ACCOUNTING! https://www.youtube.com/channel/UCCyBG-qtLqfvCdSG34ES8Ag WANT TO LEARN MORE? CONNECT WITH ME BELOW: ******************************************************************** FACEBOOK: https://www.facebook.com/accountinguniversity?ref=hl GOOGLE+ https://plus.google.com/u/0/b/118255991627414878635/+Accountinguniv/posts WEBSITE http://accountinguniv.com/ ******************************************************************** Comment Below if you have any questions!
Views: 8764 Accounting University
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: 39654 The Accounting Tutor
Costing Theory Part 11 II Product Cost and Period Cost Meaning By Chander Durjea For CA/CS/CMA
 
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Product Cost and Period Cost Meaning By Chander Durjea For CA/CS/CMA -9717356614 Website : www.cdclasses.com CMA CHANDER DUREJA FOR SFM FM & COST In this video you will be able to understand : 1. product cost vs period cost meaning with examples, 2.Difference between product cost and period cost 3.is indirect labor a period cost 4.product cost and period cost 5. is advertising a period cost Other Theory Videos are given in following Playlist : https://youtu.be/DnAflbEs_xc
Views: 976 CMA. Chander Dureja
Cost Estimation   Production Version
 
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CO-PC - Product Costing is performed with different production versions if multiple types of Production Lines are there. This videos explains the Production Version and Cost Estimation Process
Views: 2833 SAP and Cloud
SAP PRODUCT COSTING CONFIGURATION - CREATE ACTVITY TYPES
 
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SAP Controlling Configuration SAP PRODUCT COSTING CONFIGURATION CREATE ACTVITY TYPES
Views: 1558 sapfico cin
Revenue, Profits, and Price: Crash Course Economics #24
 
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How do companies make money? What are profits? Revenues? How are prices set? This week, Jacob and Adriene are talking business. Whether you're selling cars, pizza, or glow sticks, this video has pretty much all the information you need to run a business. Well, not really, but there's a lot of good stuff in here. *** Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 400080 CrashCourse
Direct Material, Direct Labor & Overhead, Product and Period Cost | Managerial Accounting | CMA Exam
 
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Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scatter-graph, high-low method,
Job Costing - Flow of Costs
 
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Manufacturing costs Product costs Flow of costs in manufacturing t-accounts Allocating overhead Example of calculating overhead applied under normal costing and actual costing
Concept Of Cost In Hindi / लागत की अवधारणा
 
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concept of cost An amount that has to be paid or given up in order to get something. In business, cost is usually a monetary valuation of effort, material, resources, time and utilities consumed, risks incurred, and opportunity forgone in production and delivery of a good or service. All expenses are costs, but not all costs (such as those incurred in acquisition of an income-generating asset) are expenses. In business and accounting, cost is the monetary value that a company has spent in order to produce something Cost denotes the amount of money that a company spends on the creation or production of goods or services. From a seller’s point of view, cost is the amount of money that is spent to produce a good or product. If a producer were to sell his products at the production price, his costs and income would break even, meaning that he would not lose money on the sales. However, he would not make a profit. From a buyer’s point of view the cost of a product is also known as the price. This is the amount that the seller charges for a product, and it includes both the production cost and the mark-up, which is added by the seller in order to make a profit. Fixed Cost Variable Cost Fixed Cost : A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold. Fixed costs are expenses that have to be paid by a company, independent of any business activity. Total Cost = Total Fixed Cost + Total Variable Cost TC = TFC + TVC Opportunity Cost Money Cost Real Cost Private Cost and Social Cost Accounting Cost and Economic Cost Implicit Cost and Explicit Cost Economic Cost= Implicit Cost + Explicit Cost
Views: 13523 Know Economics
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: 181 Accountingplus
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: 16735 Larry Walther
Activity Based Costing Example in 6 Easy Steps - Managerial Accounting with ABC Costing
 
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Clicked here http://www.MBAbullshit.com/ and OMG wow!I'm SHOCKED how easy.. Imagine your brand makes two types of mobile phone devices. They are each produced working with one machine. The maintenance cost of the apparatus is $100 a month. What percentage should each style of telephone share under the maintenance cost? In order to be "just", some will suggest that the cost must be divided 50%-50%. However, what if Phone A consumes 90 hours of the machinery, and Phone B uses only 10 hours of the apparatus? Should the cost remain to be split 50%-50%? As part of classic "allocated" costing, the cost should probably still be split 50%-50%. However applying the principle of Activity Based Costing, it needs to most likely be cut up 90%-10% for the reason that one phone type is based on 90 hours of the apparatus monthly while the other cell phone form typically only consumes 10 hours of the identical device. The foregoing technique makes use of "amount of activity" for being a function of costing, and not just "allocation" where accountants simplistically allot the costs by the same token.Needless to say, for any product or service, there are a lot more activities to consider, and not only the employment of a particular device. These varying activities which generally encounter a mark on cost are classified as "cost drivers". Cost drivers may appear in numerous varieties for instance machine hours consumed, number of inspections, hours spent on inspections, number of production runs, quantity of hours used up throughout production, quantity of setups, together with multiple others.In the case above, we simply used machine hours consumed. Inside a less forgiving example, we may additionally need to consider the number of inspections. Suppose Phone A solicited added inspections by enterprise engineers than Phone B? It goes without saying, a great deal more of the compensation of institution engineers really needs to be allocated to Phone A. Whereas, what if Phone B solicited a great deal more production runs than Phone A? Again, we would struggle to conveniently partition broad production costs among the two mobile phone types. To further complicate the problem, what if Phone A, irrespective of using far less production runs, solicited more production setups than Phone B? Evidently, the difficulty of appropriately allocating costs to each of the phone models can get incredibly exhausting. Having said that, this difficulty can be really worth the effort if it helps a business apply extra meticulous or more defined costs on items, which can be made use to help the company in its pricing methods. The beauty of Activity Based Costing is that it considers all these diverse costs and cost drivers in a timely fashion, granting an organization the competence to perform pretty defined costing inspite of such concerns. http://www.youtube.com/watch?v=PcjxRe4EsuY activity based costing, abc costing, what is activity based costing, what is abc http://mbabullshit.com/blog/activity-based-costing/
Views: 285590 MBAbullshitDotCom
SAP Product Costing Concept Video
 
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SAP Product Costing Concept #SAPPRODUCTCOSTING #PRODUCTCOSTINGCONFIGURATION #COSTINGPROCESS #ACTIVITYBASEDCOSTING
Views: 14168 Amit K
Direct Cost Vs Indirect Cost | Managerial Accounting | CMA Exam | Ch 2 P 1
 
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Direct Cost A direct cost is a cost that can be easily and conveniently traced to a specified cost object. Indirect Cost An indirect cost is a cost that cannot be easily and conveniently traced to a specified cost object. For example, a Campbell Soup factory may produce dozens of varieties of canned soups. A common cost is a cost that is incurred to support a number of cost objects but cannot be traced to them individually. A common cost is a type of indirect cost. A particular cost may be direct or indirect, depending on the cost object. Direct Labor Direct labor consists of labor costs that can be easily (i.e., physically and conveniently) traced to individual units of product. Direct labor is sometimes called touch labor because direct labor workers typically touch the product while it is being made. Labor costs that cannot be physically traced to particular products, or that can be traced only at great cost and inconvenience, are termed indirect labor. Just like indirect materials, indirect labor is treated as part of manufacturing overhead. Indirect labor includes the labor costs of janitors, supervisors, materials handlers, and night security guards. Although the efforts of these workers are essential, it would be either impractical or impossible to accurately trace their costs to specific units of product. Hence, such labor costs are treated as indirect labor. Manufacturing Overhead Manufacturing overhead, the third manufacturing cost category, includes all manufacturing costs except direct materials and direct labor. Manufacturing overhead includes items such as indirect materials; indirect labor; maintenance and repairs on production equipment; and heat and light, property taxes, depreciation, and insurance on manufacturing facilities. A company also incurs costs for heat and light, property taxes, insurance, depreciation, and so forth, associated with its selling and administrative functions, but these costs are not included as part of manufacturing overhead. Only those costs associated with operating the factory are included in manufacturing overhead. Various names are used for manufacturing overhead, such as indirect manufacturing cost, factory overhead, and factory burden. All of these terms are synonyms for manufacturing overhead. Nonmanufacturing Costs Nonmanufacturing costs are often divided into two categories: (1) selling costs and (2) administrative costs. Selling costs include all costs that are incurred to secure customer orders and get the finished product to the customer. These costs are sometimes called order-getting and order-filling costs. Examples of selling costs include advertising, shipping, sales travel, sales commissions, sales salaries, and costs of finished goods warehouses. Selling costs can be either direct or indirect costs. For example, the cost of an advertising campaign dedicated to one specific product is a direct cost of that product, whereas the salary of a marketing manager who oversees numerous products is an indirect cost with respect to individual products. Administrative costs include all costs associated with the general management of an organization rather than with manufacturing or selling. Examples of administrative costs include executive compensation, general accounting, secretarial, public relations, and similar costs involved in the overall, general administration of the organization as a whole. Administrative costs can be either direct or indirect costs. For example, the salary of an accounting manager in charge of accounts receivable collections in the East region is a direct cost of that region, whereas the salary of a chief financial officer who oversees all of a company’s regions is an indirect cost with respect to individual regions. Nonmanufacturing costs are also often called selling, general, and administrative (SG&A) costs or just selling and administrative costs. Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, indirect labor, selling cost, administrative cost, product cost, period costs, prime cost, conversion cost, variable cost, fixed cost, committed fixed cost, discretionary fixed cost, relevant range, mixed cost, engineering approach, scattergraph, high-low method, traditional format, contribution format income statement, differential cost, differential revenue, opportunity cost.sunk cost, relevant cost.
How to Prepare a Cost of Goods Manufactured Statement (Cost Accounting Tutorial #24)
 
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Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu The cost of goods manufactured statement displays the cost of products manufactured in a period by breaking down the costs into direct materials, direct labor, manufacturing overhead and changes in work in process. Cost of goods manufactured will ultimately be added to finished goods and be expensed as cost of goods sold. Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 86569 Notepirate
Pricing Strategies - How to price a product
 
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http://www.evancarmichael.com/support/ - SUPPORT ME :) Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!! Help me caption & translate this video! http://www.amara.org/en/profiles/videos/Evan%20Carmichael/ Eduardo Orellana: "Hi +Evan Carmichael I have a question for you, what happens if you've found a product or service that people need and it is extremelly valuable but are having a hard time deciding how much to charge people for it? "
Views: 84013 Evan Carmichael
SAP CO WIP in Product Cost by Period : Activate WIP at Actual Costs part №2
 
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SAP CO WIP in Product Cost by Period Activate WIP at Actual Costs part №2 SAP CO WIP in Product Cost by Period Activate WIP at Actual Costs part №1 Activate WIP at Actual Costs in Material Ledgers Активация НЗП в регистре материалов в sap Активация незавершенного производства в регистре материалов сап НЗП по фактическим ценам в sap Учет брака, НЗП и отклонений на коллекторе в сап Периодический контроллинг в сап https://training.sap.com/shop/learninghub © 2016 SAP SE . All rights reserved Used with permission of SAP SE #sap #ides #s4hana #saperp #hana
Views: 691 SAP ERP Education
Intro to Managerial Accounting: Activity-Based Costing & Activity-Based Management
 
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Introduction to Managerial Accounting Professor Tatianna Gershberg Lecture: Activity-Based Costing and Activity-Based Management Class Overview and Learning Objectives: 1:25 Objective 1 Develop activity-based costs (ABC): 2:29 Activity-Based Costing: 2:42 Overview of Traditional and ABC Systems: 6:20 Developing an Activity-Based Costing System: 13:00 ABC System: 18:58 ABC System Results: 22:25 S18-3: Computing Indirect Manufacturing Costs Per Unit: 26:09 Objective 2 Use activity-based management (ABM) to achieve target costs: 37:30 Activity-Based Management: 37:49 Cost Comparison - ABC vs. Traditional Allocation: 39:03 Value Engineering: 42:12 Target Pricing Versus Cost-Based Pricing: 44:55 Full-Product Costs: 52:43 Full-Product Cost Comparison: 54:07 Recomputing Activity Costs After a Value Engineering Study: 56:07 ABC Manufacturing Overhead Costs After Value Engineering Study: 58:03 S18-5: Using ABC to Compute Product Costs Per Unit: 1:01:23 This class, we talk about activity based costing and its importance for accounting. The basic idea of this is that out costing will be based on certain activities within the processes. What is the benefit of this? ABC costing allows us to define the way indirect costs are allocated to the production. Many large companies chose to use this type of costing system. As usual, many different types of examples are used in this class to help students understand the calculations, which also allow viewers to take part in the class. Activity-based costing is the more accurate method to attach costs to products. It refines the way indirect costs are allocated to production and focuses on costs incurred by each production activity. Activity costs become the building blocks for allocating costs to products and services. Each activity has its own cost driver. Activity-based costing divides production processes into activities and assigns costs to products based on how much the product uses those activities. Cost drivers are activities that drive the cost to being accumulated. For example, the number of pounds of a delivery drive the shipping costs. Note that each activity uses a different allocation rate. Activity based management uses ABC to make decisions. It aims to increase profits while simultaneously meeting customer needs. The types of decisions made under ABM include cutting costs and how to price products and product mix. This provides a more accurate cost of products and determines the profitability of products. Value engineering involves reevaluating activities to reduce costs. It requires cross-functional teams. Under cost-based pricing, the sales price is determined by adding up full cost and desired profit. Under the target based approach, the target price less the desired profit equals the target cost. Full-product costs consider all production costs (direct materials, direct labor, and allocated manufacturing overhead) as well as nonmanufacturing costs / operating expenses (administrative and selling expenses) to determine the target costs and target profits. Class Overview and Learning Objectives: 1:25 Objective 1 Develop activity-based costs (ABC): 2:29 Activity-Based Costing: 2:42 Overview of Traditional and ABC Systems: 6:20 Developing an Activity-Based Costing System: 13:00 ABC System: 18:58 ABC System Results: 22:25 S18-3: Computing Indirect Manufacturing Costs Per Unit: 26:09 Objective 2 Use activity-based management (ABM) to achieve target costs: 37:30 Activity-Based Management: 37:49 Cost Comparison - ABC vs. Traditional Allocation: 39:03 Value Engineering: 42:12 Target Pricing Versus Cost-Based Pricing: 44:55 Full-Product Costs: 52:43 Full-Product Cost Comparison: 54:07 Recomputing Activity Costs After a Value Engineering Study: 56:07 ABC Manufacturing Overhead Costs After Value Engineering Study: 58:03 S18-5: Using ABC to Compute Product Costs Per Unit: 1:01:23 To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 12294 Rutgers Accounting Web
2.4 Total Cost and Inventoriable Product Cost
 
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DiscussesnTotal Cost, Inventoriable Product Cost, Direct Materials, Direct Labor, Manufacturing Overhead
Views: 848 Dee Amaradasa
Managerial Accounting 1.7: Product Cost Accounts
 
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This video describes the accounts used to record product costs for a manufacturing company.
Views: 2160 KurtHeisinger
18.5 Determining Product Cost
 
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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: 608 Michael Allison
3 Minutes! Activity Based Costing Managerial Accounting Example (ABC Super Simplified)
 
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For Part 2, Go To http://mbabullshit.com/ If You Liked it, Support my Free Videos at https://www.patreon.com/MBAbull Activity Based Costing Example In 3 Minutes Activity Based Costing is different from traditional costing... Traditional costing is easy because if often just divides some types of costs equally between different items. These are usually costs which are a bit difficult to divide or allocate between products, such as electricity, telephone bills, internet usage, rent, salaries, and others.However, Activity Based Costing finds ways to divide or allocate these costs more proportionally or "fairly"... ...so that we can write down a higher cost for items or products which use more of the stuff related to costs. For example, we might want to write down a higher electric power cost for burgers than for lemonades. As a result, this might cause us to sell our burgers at a higher price than the lemonades, and the lemonades at a lower price than the burgers. Of course, electric power is not the only cost in making burgers and lemonades. Therefore, we have to think about other costs as well before making our final pricing decisions. Check out my free video at http://www.MBAbullshit.com See ya there!
Views: 183784 MBAbullshitDotCom
Managerial Accounting: Product vs Period Costs
 
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Help us caption & translate this video! http://amara.org/v/FynI/
Views: 4770 ProfAlldredge
I. B, Product vs Period Costs:  Expenses.wmv
 
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Definition of Expense, Period Costs
Views: 2196 PamelaDJonesWCU
Find Product Price with Excel VLOOKUP
 
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Create an Excel order form where the price is automatically shown, after you type a product name. See how to set up the product price table, and name that table. Then, create the order form, and build a VLOOKUP formula to get the product price from the lookup table. Add another formula to multiply the product price and the quantity, to get a total price. Finally, format the Order Form, to show which cells you should type in, and which cells have formulas. Visit this page to get the completed sample workbook used in this video. http://www.contextures.com/xlFunctions02.html 00:00 Introduction and Demo 00:35 Create a Product Price List 01:03 Create a Named Excel Table 01:50 Change the Table Name 02:14 Start the Order sheet 03:20 Start the VLOOKUP formula 05:20 Calculate the Total Price 05:48 Final Formatting
Views: 17753 Contextures Inc.

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