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Product Cost Calculations: Approximately Right or Precisely Wrong?
One of the things we see occasionally in our costing forums and our costing work are businesses that compute their product costs to the sixth decimal point. Sometimes those very precise calculations...
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Average Rate V. Machine Specific Rate
A manufacturing client of mine recently had one of their major customers demand more information regarding their manufacturing costs. As a result, my client is looking for additional details as to how...
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What Is The Primary Reason To Understand Your Product Cost?
I can answer that with one succinct statement: knowing your product cost is not so important for setting a price as it is to manage your costs for operational purposes. Cost based pricing has many...
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It’s Engineering’s Fault . . .
Have you ever heard someone say this phrase? Regardless of which side of the fence you are on (the accountant or the engineer), there is likely some truth to that comment. When we ultimately discover...
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