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What is Understanding COP in Costing about?

The document outlines different costing methods and terms. It defines prime cost as direct labor plus direct materials. Factory cost is prime cost plus factory overhead. Cost of production (COP) is factory cost plus administrative costs. Cost of goods sold (COGS) is COP plus selling and distribution costs. Selling price is COGS plus markup profit. It also lists job costing, contract costing, process costing, and batch costing as costing methods, with job costing defined as calculating costs for unique custo

Author

Sam

Language

EN