Fundamentals of Cost Accounting

Manufacturers have a multitude of costs that must be included in inventory and cost of goods sold: material, labor, direct variable costs, indirect variable costs and fixed costs. You will learn how to properly identify these costs. Using multiple case studies, this seminar will provide you with detailed information on the various techniques companies have devised to apply all these costs to inventory. Doing so ensures that inventory and cost of goods sold are properly valued for both internal and external users. This seminar provides you with the information you need in deciding how to value inventory and cost of goods sold in your company.

How You Will Benefit

• Classify all inventory costs
• Create an inventory direct costing system
• Identify fixed manufacturing costs
• Apply fixed manufacturing costs to inventory
• Create a standard costing system and calculate variances
• Create an Activity Based Costing (ABC) system
• Use cost-volume-profit analysis to determine break-even points and margins of safety
• Use relevant costing models for production decisions