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Business is the field where the world nowadays takes interest in. It is a pretty competitive world and financial management is very important in this sphere. Costing and Control of Factory Assignment Help is specially focused on this subject, i.e. how to manage thecost of production.
Before indulging into the assignment, let’s know something about factory costs.
Factory costs are overhead costs that a business marks for each factor of a production. It is the expense of the manufacturing process; here direct labor or material costs are not to be included.
In reality, factory costs can fluctuate and vary month to month. So, it is important to do the estimation of total cost on aregular basis. Costing and Control of Factory Homework Help reveals the cost management process in details.
Examples of factory cost
Here are some examples of factory expenses:
- Salaries
- Rent, Insurance and maintenance expenses
- Equipment set up and maintenance expenses
- Charges for small tools used
- Taxes
This list can extend more depending on the size and volume of productivity of a business.
Control of Factory – importance
Every business starts with an estimated budget,and efficiency of each business varies. So, it is an intelligent decision to keep a hold over costing. This simple methodology of control of factory can increase the profit percent.
Study of costing and control of factory is a complex managerial job. However, this study, if done successfully, can be beneficial for a company in different ways. Besides calculating the profit, it can find out the risk factors in the investment also.
Some methods of factory cost control
According to our Costing and Control of Factory Assignment Help experts, factory costs are very important while a companyfigures out its profit. If the cost goes higher, the profit percent goes down. Therefore, these control methodologies are important hence. They are:
- Decreasing the invested capital
- Proper use of raw materials and reducing wastage
- Applying improved technology to enhance the quality of production
- Studying expenses for productivity
- Reducing transport cost
- Invention and modification in working system
- Engaging skillful labors
- Careful market study
- Accepting suggestions for employees and management to cut down the cost
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