When manufacturing products, a business should budget the time and necessary manpower to produce the products. This allows the company to estimate the total costs associated with the production of the ...

Plastics processors are fortunate to have several options for managing and calculating costs. In part one of this series, we discussed the benefits of a production profit contribution model. This ...

Standard costing offers considerable appeal for manufacturers. With standard costing, specific values are assigned to each finished product for each component of material, labor, direct overhead and ...

Standard costing is an accounting technique that breaks overspending and underspending on materials, labor and overhead cost into their price and quantity components. For example, a manager may notice ...

If you are in the accounting department in a lean manufacturing company, and your company uses a standard costing system, it is inevitable that the you will be faced with dealing how your standard ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Somer G. Anderson is CPA, doctor of ...