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Lecture 6 (Costing in Economics (Process Cost (traces and accumulates…
Lecture 6
Costing in Economics
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Process Cost
traces and accumulates direct costs, and allocates indirect costs of a manufacturing process
Labor Cost
labor cost is a part of wage-bill or payroll that can be specifically and consistently assigned to or associated with the manufacture of a product, a particular work order, or provision of a service.
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Financial cost
Total Cost
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Fixed Cost
Cost that does not change with an increase or decrease in the number of goods or services produced or sold
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