costing


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costing

the process of ascertaining the cost of a PRODUCT, COMPONENT or SERVICE. With historical costing, costs are ascertained after they have been incurred, though most businesses seek to gauge future costs through STANDARD COSTING.

Product costing seeks to determine the cost of each job or batch of products in order to assess the cost per unit. Contract costing is used to determine the construction costs of a large-scale building or civil engineering contract. Process costing is used where liquid or gaseous materials such as oil pass through several refining/heating processes to produce products such as petrol and by-products such as tar, and seeks to determine the costs of products by dividing output volume by materials and processing costs.

References in periodicals archive ?
In addition, because there is an increasing number of inventory costing systems that use a rolling average cost, a continuation of the ban puts taxpayers at risk.
While the principles of reliable, activity-based costing are universally applicable, costing system implementation must satisfy the unique characteristics and managerial needs of the foundry industry.
And it is worth trying because the "profit-and-loss" approach, as I call it, to evaluating patient care is superior to using RUG groups for costing services.
CVA calculates part volume and area to aid costing and quoting.
Although the hospital was successful in costing the services provided to individual patients and groups of patients, it was difficult to use this information for utilization management without comparative data from other hospitals, or without clinical profiles of ideal resource utilization and costs.
Business Objects (Nasdaq:BOBJ)(Euronext Paris ISIN code: FR0004026250 -- BOB), the world's leading provider of business intelligence (BI) solutions, today announced the availability of BusinessObjects(TM) Activity Based Costing for Healthcare.
The concept of separating purchased and produced goods for LIFO pooling purposes is based on differences in the costing configuration, which might distort income.
Special note: If your mill runs colors, average costing is especially dangerous.
For instance, if a fully burdened backup and restore environment is currently costing $12-$14 per GB internally to manage, a 40 percent reduction in this item alone could reduce management costs by S5-$6 per GB, per month.
Pabla in Estimating and Costing for the Metal Manufacturing Industries, published in 1992.
To refine or develop an environmental program and select the best costing methods for an environmental accounting system, develop a process map of the interactions in your company.
This is not a trivial task, as the elements needed to develop a solid client/server costing model are not well-understood.