Cost Concepts and Management Need Homework Answers
The term cost stands for the amount of expenditures acquired on or attributable to a thing or activity. In other words, it’s the monetary equivalent exchanged for anything one desires. With reference to a manufacturing organization, cost could be associated with the amount spent in procuring the raw materials, labor, equipment, etc. in order to manufacture the product. The total cost incurred determines the price to be paid for the product in order to profit from the whole transaction.
As a management’s perspective, it is always required to keep the costs at the lowest so that maximum profit could be attained from it. For firms operating in a perfect market condition, production cost plays the pivotal role in determining the prospects of the company as the selling price in a perfect market is nearly same by all the operating firms. Manuals as cost concepts and management need homework answers are of great use.
Why is cost important at every step?
The importance of cost could be comprehended by the following points:
- Cost bears an inversely proportional relation to the profit for firms operating in a perfect market.
- Lowering the cost enables the firm to provide the product or service at a price than the competitor. This benefits the customer in paying less and the firm to achieve economies of scale.
- For firms operating in a monopolistic market, they can increase the profits by lowering the cost instead of raising the selling price.
- Identification of cost helps the organization to focus on activities that are necessary and unnecessary. This eliminates the wastage of time, money, and human resource effort.
- Cost is not relevant to the end product but to the means of achieving the end product. Hence, a firm can decide that whether to buy or rent a particular machine based on its current value, the expected value, and the salvage value received after a certain time.
Since cost plays such a vital role in any organization’s operation and prospects; it is the task of the management to identify the costs incurred by the organization and work accordingly. There are three major sections where the management needs to dedicate their efforts in identifying the costs: material, labor, and expenses.
Categories to note:
This is the most obvious factor of cost identification as material is required to provide any product or service. It is the most integral part of cost incurred by an organization as they provide the end product. This is further classified as direct (raw material for production) and indirect (job process, stationary, transportation, etc.) material cost.
Another integral part of cost identification is labor cost incurred by the firms because the raw material needs to be processed by either humans or machines to convert into end product. This could be attributed to the human resource and/or the machinery involved in the product or service. This could also be classified into direct (humans or the machines involved in the process of conversion) and indirect (distribution, layout, salary, etc.) labor cost.
This is the remaining cost in the production that is incurred by subtracting the material and the labor costs. This could again be classified under direct (cost centers, designs, consultation, etc.) and indirect (overheads, taxes, insurance, depreciation of fixed assets, etc.) expenses.
By adding the above three factors, cost can be calculated. The management needs to identify the costs according to the classification and then prepare the total cost. With the above points one can make out how significant it is for the management to know the cost concepts so that the organizational objectives- mostly profits- are achieved.
Hence cost concepts are essential to any management in order to stay relevant in the market and prosper. This enables the management to operate strategically and flourish.
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