Material - Dani Ki Costing - CA IPCC Video Lectures
Material - Dani Ki Costing - CA IPCC Video Lectures | Material - Dani Ki Costing - CA IPCC Video Lectures | Material - Dani Ki Costing - CA IPCC Video Lectures | Material - Dani Ki Costing - CA IPCC Video Lectures | Material - Dani Ki Costing - CA IPCC Video Lectures
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Material Costing
Manufacturing process consumes many inputs such as direct material,
labour, overheads etc. The costing of all this inputs is necessary for
calculating the product cost. Thus one wing of costing is costing of material.
Where material means all commodities / physical objects supplied to the
organization for use in manufacturing of product or providing service. Material
can be direct as well as indirect. The material which is used directly in the
manufacturing process as raw material is the direct material while ancillary
goods required for manufacturing are of indirect nature.
Material costing is very important and is useful as the quality of
finished product is mainly dependent on the material. Cost of material affects
the price of a product. A minor reduction in material price may increase the
profitability. Costing of material is also necessary to find out the cost of
carrying the material for production in future days. Material Costing helps to
have control on expenditure so incurred as wastage can be reduced by proper
planning of production and material availability.
Material Control is a system that is required to maintain proper co
– ordination between production department and other department. IT helps in
deciding the purchase quantity, order time and re order time. It helps to carry
out the internal check in the organization. Material Control facilitates proper
reports of purchase, issue, return, utilization, obsolesce, wastage etc of
material.
There should be a standard material procurement procedure. Stock
records can be maintained by use of techniques such as Bin cards, Stock Control
cards and store ledgers. Bu use of such techniques, records can be maintained
in more compact manner. The data so collected will make it very easy for
preparing financial accounts and will keep the stock details clear. In short
material control is of great help for management in decision making and
reducing the wastage and cost of material thereon.
SIR WHAT IS COSTING BOOK WRITERS NAME
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