MANUFACTURING SECTOR
Measuring and Managing Costs for the Manufacturing Sector
TARGET AUDIENCE:
Small to medium-sized business owners, managers, and supervisors in the manufacturing sector or a production environment
DESCRIPTION:
How do I determine the actual cost of my products?
What do I do with the cost of wasted time and spoiled goods? What is meant by full product costing, incremental analysis and cost centres? What are volume and quantity variances, fixed versus variable costs, and controllable versus uncontrollable costs?
While most manufacturers can describe the basic components of the Cost of Goods Sold, many are still puzzled by the behaviours of these costs and how to measure true unit costs.
CONTENT:
In a hands-on, interactive workshop you will learn to:
- Describe why accurate costing is essential to business success.
- Identify the key components of the cost of goods sold.
- Differentiate between process costing and job costing.
- Identify key terms describing cost behaviours.
- Differentiate between fixed costs and variable costs.
- Calculate labour, material and overhead standards.
- Calculate volume and price variances from standard.
- Identify key cost accounting issues.
- Describe the use of cost and profit centres.
- Calculate the incremental value of accepting orders that contribute to covering fixed costs.
At the end of the day, participants will prepare an Action Plan to put the workshop into practice.
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