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PRODUCT COSTING

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(Querist)
17 March 2011 PLS. TELL ME WHAT IS MEAN BY PRODUCT COSTING & GIVE ME SOME OF EXAMPLE
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Guest (Expert)
17 March 2011
Product costing is the process of tracking and studying all the various expenses that are accrued in the production and sale of a product, from raw materials purchases to expenses associated with transporting the final product to retail establishments.

The pricing of products depends notably on the competition in the market. In a weakly competed market, such as a closed market, the sales price can be calculated as follows:

Sales price = cost + profit
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