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The oldest cost (i.e., the first in) is then matched against revenue and assigned to cost of goods sold. Last-In First-Out (LIFO) is the reverse of FIFO. Some systems permit determining the costs of goods at the time acquired or made, but assigning costs to goods sold under the assumption that the goods made or acquired last are sold first.
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
Cost benchmarking is the measurement, refinement and analysis of one's Cost of Goods Sold (COGS) when compared to market peers. Cost benchmarking identifies competitiveness of pricing in industry terms, highlighting best in class [ 1 ] pricing and subsequently showing areas for competitive pricing improvement.
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
Siding or wall cladding is the protective material attached to the exterior side of a wall of a house or other building. Along with the roof, it forms the first line of defense against the elements, most importantly sun, rain/snow, heat and cold, thus creating a stable, more comfortable environment on the interior side.
If the accountant is using a general ledger accounting system, which lacks true job costing functionality, the costs must be manually transferred out of Work in Process to Finished Goods (Cost of Goods Sold for service industries). Of course, in the days of computerized job costing software, journaling costs manually is an obsolete process.
The first expanded polystyrene ICF Wall forms were developed in the late 1960s with the expiration of the original patent and the advent of modern foam plastics by BASF. [citation needed] Canadian contractor Werner Gregori filed the first patent for a foam concrete form in 1966 with a block "measuring 16 inches high by 48 inches long with a tongue-and-groove interlock, metal ties, and a waffle ...
Stamped concrete in various patterns, highlighted with acid stain. Decorative concrete is the use of concrete as not simply a utilitarian medium for construction but as an aesthetic enhancement to a structure, while still serving its function as an integral part of the building itself such as floors, walls, driveways, and patios.
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