Question

what do you mean by
Material Cost?

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Answer 1

Answer:

Material cost is the cost of materials used to manufacture a product or provide a service. Excluded from the material cost is all indirect materials, such as cleaning supplies used in the production process. ... Add the standard amount of scrap associated with manufacturing one unit.

Explanation:

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Answer 2

Answer:

MATERIAL COST

Material cost is the cost of Raw materials for the production of the job may be directly or indirectly used.

Now , those semi-finished components and materials which go to form or constitute the product are known as direct material. The amount of materials as they are required at the start of the work should be taken into account and not the finished weight (because of wastage in manufacturing a product). for example a finished 21 mm spindle, might have been turned from a 25 mm rod.

In the production process a number of items may be required which do not constitute the job but are necessary for efficient operation, such as cotton waste, lubricating oil, coolants etc. They are known as indirect materials. The expenditure incurred on such items should also be included in the total cost of the product, if a correct estimate is to be made.