The job of an accountant is not only to organize financial records. Among the various aspects associated with accounting, there are many analyzing and evaluation tasks also. One of these is cost analysis. This is an important aspect because it analyzes the costs attributed to the product and justifies the cost of the product. You will need some extra accounting help when you are dealing with topics like these. We at tutorteddy.com can provide with that assistance which will give you a clear concept regarding this topic.
The product of a company is either a commodity or service. The company aims to make a profit by selling its product in the market. The product needs to be sold at a price which is profitable for the company. The selling price should be the sum of the production costs and profit percentage. This is done through cost analysis. It is the systematic assessment of the various costs that went into producing the commodity. It is necessary to find out how and to what proportion of the elements of production costs can be attributed to the particular product or service. These costs include:
The evaluation of these expenditures would help to determine a profitable selling price of the product. Cost analysis helps to achieve the following objectives.
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Apart from the key components of Performance Metrics other topics like -
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