Question

which factor determines the cost of the product​

Answer 1

Answer:

Product Costs:

Costs have relevance if market demand and competition are taken into account. That is, production costs merely determine the business existence and it is the demand and the competition that determine the price. Precisely, it is the market that sets the price and not product costs.

Answer 2

Elements of cost are the perfect answer.

Explanation:

• The elements of cost are those factors that represent the cost of manufacture of a product.
• We can widely divide those factors of cost into 3 classes.
• In a production organization, we convert uncooked substances right into a completed product with the help of exertions and different offerings.
• These offerings are materials, Labor, and Expenses.
• we will bifurcate those factors of cost into categories consisting of Direct Material and Indirect Material, Direct Labor and Indirect Labor, Direct Expenses, and Indirect Expenses.
• We want to feature all direct material, direct exertions, and direct fees to calculate the high cost.

• we upload all oblique material, oblique exertions, and oblique expenses to calculate the overhead cost.
• Again, we will bifurcate the overheads into 4 classes.
• They are manufacturing unit overhead, administrative overhead, promoting overhead, and distribution overhead.

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