Summary of cost concepts
ID:CVSCCO
Video Overview
Accurately analyzing and calculating all the costs incurred in a business is vital to its success. If the cost of goods produced in a manufacturing business is incorrect, this will have an impact on the mark-up percentage used to calculate selling price, and therefore on the gross profit and net profit. Incorrect non-manufacturing costs will also impact on the net profit calculated. In this tutorial you will learn about the different cost classifications in a manufacturing business.
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