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 ...

Plastics processors are fortunate to have several options for managing and calculating costs. In part one of this series, we discussed the benefits of a production profit contribution model. This ...

Understanding the cost of your inventory isn’t just about keeping numbers straight; it’s about gaining insights that drive profitability, improve operational efficiency and enhance decision-making.

Labor costing systems are methods of resource allocation to both pay employees and ensure a business achieves the highest profit possible from wages paid. A labor costing system can use process cost ...