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| gen. |
product costing (Product costing is the accounting process of determining all business expenses pertaining the creation of company products. These costs can include raw material purchases, worker wages, production transportation costs and retail stocking fees. A company uses these overall costs to plan a variety of business strategies, including setting product prices and developing promotional campaigns. A company also uses product costing to find ways to streamline production costs to maximize profits. For example, choosing raw materials that are more cost-effective can allow a company to increase profit from retail sales by lowering its product creation costs. Alexander Demidov) |
| comp., MS |
costing (The process of calculating, assigning, and allocating the cost of economic resources acquired, produced, or delivered by an organization) |
| econ. |
cost accounting; costing |
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| comp., MS |
backflush costing (An accounting method that flows product and production costs to cost of goods sold accounts during an accounting period and that backflushes those costs to raw material and finished goods accounts for products not sold at the close of the accounting period) |
