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storage and issue of materiala number of questions are relevant in this control of materials throughout storage and question of materials these are
material handlingthe objective is to ensure about the goods are delivered to the right places at the right instance and in aright manner to ignore
determine when to stockit will be influence with the inventory system in place as given1 periodic order systemthe firm obtains a new order of the
determine how much to stock1 employ the economic order quantity modelthis is an easiest model which helps the manager to find out the optimum
commodities to stockemploy material requirement planningfrom the master production schedule the manager has determined such the products to be
inventory management and controlhere the objectives of inventory management are as1 to ensure adequate stocks to permit for continuous
material cost controltherefore materials form an important cost of output units and that should be controlled material control is more than
material costs - cost accumulationhowever materials refer to the tangible inputs into the procedure of producing useful output they might be
regression analysis method of cost estimationit includes estimating the cost function by utilizing past data or the dependent and the independent
engineering method of cost estimationthis method is based on a detailed study of each operation whereas careful requirement is made for materials
account analysis method of cost estimationby utilizing account analysis the accountant classifies and examines each ledger account like variable
example of high - low method of cost estimationbased on the performance such you have been provided along with the given information regarding abc
high - low method of cost estimationnow cost estimation is based upon the relationship between past level and past cost of activity variable cost is
methods of cost estimationwe will consider given cost estimation methods commonly employed namely asa high low activity methodb engineering analysisc
purpose of cost estimationin estimating it assists the future expenditure as cost prediction like the expenditure will depend upon the cost of the
cost estimation cost estimation may be defined with a study that attempts to predict among costs and the activity level or cost driver that
functional classification of costsbeneath this classification costs are classified according to the function they execute in an organization
controllable and non controllable costscontrollable costs can be influenced on the level of authority at that they are being analyzed when
direct and indirect costsrecall such direct costs are costs which can be traced particularly to the end product of the production procedure while
behavioral classification of costsdefinitioncost behavior refers to the change in costs as increase or may decrease like the output level changes
elements of non - manufacturing costsnon-manufacturing costs are costs incurred via all activities such support the production of services and goods
labour costs and overhead costslabour costslabour costs can be indirect or direct labour costs direct labour cost refers to wages paid to workers who
material costsmaterial refers to each physical input into the production procedure they involve the giving as raw material refers to bought in
elements of manufacturing costsmanufacturing costs are the costs incurred to create a product keep in mind for a product that refers to both services
importance of cost classificationanalysis of cost behaviour is significant to all organizations for effective management it is since many