When you manufacture products, you can use a strategy of establishing prices based on what they cost to make. If you add a markup percentage to that cost, you can predict your prices and know that you ...

Standard costing is an accounting technique that breaks overspending and underspending on materials, labor and overhead cost into their price and quantity components. For example, a manager may notice ...

Standard costing offers considerable appeal for manufacturers. With standard costing, specific values are assigned to each finished product for each component of material, labor, direct overhead and ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Getty Images / Worawee Meepian Accounting is ...