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Manufacturing cost is the sum of costs of all resources consumed in the process of making a product. The manufacturing cost is classified into three categories: direct materials cost , direct labor cost and manufacturing overhead . [ 1 ]
Process costing is an accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process. [1] Costs are assigned to products, usually in a large batch, which might include an entire month's production. Eventually, costs have to be allocated to individual units of product.
In this method cost is absorbed as a percent of the labour cost or the wages. (Overhead cost/Labour cost)x 100 If the Labour cost is 5000 and the overhead cost is 1000 then the absorption cost is 20%. If the labour cost of one job is 500 it will have to absorb 20% i.e. 100 as the overhead cost making the total cost to be 600.
An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
Inline coherent imaging (ICI) is a recently developed interferometric technique based on optical coherence tomography [8] that is used for quality assurance of keyhole laser beam welding, a welding method that is gaining popularity in a variety of industries. ICI aims a low-powered broadband light source through the same optical path as the ...
The American Institute of Steel Construction (AISC) is a not-for-profit technical institute and trade association for the use of structural steel in the construction industry of the United States. AISC publishes the Steel Construction Manual, an authoritative volume on steel building structure design that is referenced in all U.S. building codes.
Stainless steel, also known as inox, corrosion-resistant steel (CRES), and rustless steel, is an iron-based alloy containing a minimum level of chromium that is resistant to rusting and corrosion. Stainless steel's resistance to corrosion results from the 10.5%, or more, chromium content which forms a passive film that can protect the material ...
Common activity bases used in the calculation include direct labor costs, direct labor hours, or machine hours. This is related to an activity rate which is a similar calculation used in activity-based costing. A pre-determined overhead rate is normally the term when using a single, plant-wide base to calculate and apply overhead.