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  2. Direct materials cost - Wikipedia

    en.wikipedia.org/wiki/Direct_materials_cost

    Direct materials cost the cost of direct materials which can be easily identified with the unit of production. For example, the cost of glass is a direct materials cost in light bulb manufacturing. [1] The manufacture of products or goods requires material as the prime element. In general, these materials are divided into two categories.

  3. Direct material price variance - Wikipedia

    en.wikipedia.org/wiki/Direct_material_price_variance

    Let us assume that the standard direct material cost of widget is as follows: 2 kg of unobtainium at € 60 per kg ( = € 120 per unit). Let us assume further that during the given period, 100 widgets were manufactured, using 212 kg of unobtainium which cost € 13,144. Under those assumptions direct material price variance can be calculated as:

  4. Total cost - Wikipedia

    en.wikipedia.org/wiki/Total_cost

    The marginal cost can also be calculated by finding the derivative of total cost or variable cost. Either of these derivatives work because the total cost includes variable cost and fixed cost, but fixed cost is a constant with a derivative of 0. The total cost of producing a specific level of output is the cost of all the factors of production.

  5. Manufacturing cost - Wikipedia

    en.wikipedia.org/wiki/Manufacturing_cost

    Indirect materials cost: Indirect materials cost is the cost associated with consumables, such as lubricants, grease, and water, that are not used as raw materials. Other indirect manufacturing cost: includes machine depreciation, land rent, property insurance, electricity, freight and transportation, or any expenses that keep the factory ...

  6. Raw material - Wikipedia

    en.wikipedia.org/wiki/Raw_material

    A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products.

  7. The cost of these 5 construction materials grew the most in 2023

    www.aol.com/cost-5-construction-materials-grew...

    Machinery Partner used BLS data to identify the construction materials—including equipment—that saw the steepest price increases over the last year. The cost of these 5 construction materials ...

  8. Inventory - Wikipedia

    en.wikipedia.org/wiki/Inventory

    The benefit of these formulas is that the first absorbs all overheads of production and raw material costs into a value of inventory for reporting. The second formula then creates the new start point for the next period and gives a figure to be subtracted from the sales price to determine some form of sales-margin figure.

  9. Average cost - Wikipedia

    en.wikipedia.org/wiki/Average_cost

    Long-run average cost is the unit cost of producing a certain output when all inputs, even physical capital, are variable.The behavioral assumption is that the firm will choose that combination of inputs that produce the desired quantity at the lowest possible cost.