Cost Accounting - Components - Elements of Cost - M.Com
There are three components of Costs which are very important in the manufacturing of products These are the basis of the costs on which entire production are produced for the firm. 1. Material 2. Labor 3. Expense 1. Material The substance from which the finished product is made is known as material. OR Material means those components or commodities which are utilized during production. Material is divided into two types: 1. Direct Material 2. Indirect Material 1. Direct Material ...