Question

Which of the following calculate the actual cost of product

Answer 1

Answer:

Hi mate.

Cost price calculate the actual cost of product.

Actual costing is a cost accounting system that uses actual cost, direct-cost rates, and actual qualities used in production to determine the cost of specific products. ... In other words, managers go back to the source of the costs (cost objects) like labor and materials.

Multiply the units of actual material used in the production run by the material's actual unit cost. This is the actual material cost. Multiply the actual labor hours invested in the production run by the actual wage rate paid per hour. This is the actual labor cost.

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