Cost Accounting Assignment Help Online

Perhaps one of the more inscrutable concepts of finance & accounting course is the idea of cost and how it is determined. Hence Thepeacekeepers.info has introduced proficient cost accounting assignment help by experts. Your teachers might have told you to brush up your mathematics skills and tune up your knowledge of basic accounting, but we insist that all that is not obligatory. This article takes you through the myriad concepts related to cost accounting and explains them in simple terms using examples that are relatable. For detailed information, of course, you can refer to our cost accounting assignment help.

• First, we shall look at the concept of cost and how exactly is cost determined?
• Secondly, we shall ponder over the various types of accounting methods as our cost accounting assignment help experts put in.

## What is Cost?

According to our cost accounting help experts, an intriguing concept in economics, cost has elided any short-cut methods to understand it. In accounting, a cost is the monetary value of the total amount of expenditure for supplies, services, labor, products and equipments and other items purchased for use by a business or any other item purchased for use by the business. However, this is just one of the many definitions of cost. For all the definitions, refer to our cost accounting assignment help.

Remember that the definition of cost depends much on how it is incurred as referred to in our cost accounting assignment help material.

### Types of cost with examples

A more or less exhaustive list of cost is given below:

### Elements of cost

According to our cost accounting assignment help experts, one of the most important exercises of costing is to fix what is called COGS or costs of goods sold. In order to determine costs of goods sold, we must understand the three basic elements of costing. Our experienced cost accounting help experts have put down the elements accordingly:

1. Direct material cost

Direct material cost refers to the sum total of the costs of the raw materials which are directly involved in manufacturing a particular product. Refer to our cost accounting service to know more.

1. Direct labor cost

The total costs of the work done by the workers who actually make the product are called direct labor costs. Our cost accounting assignment help experts can provide a deeper insight in this regard.

MOH or Manufacturing Overhead Cost is the sum total of all costs that are related to the cost object but cannot be directly traced back to the cost object in an economically feasible way. Nonetheless, it must be added to the final cost in order to make profit as told by our cost accounting assignment help experts.

Sill confused by the MOH cost? Follow the example below provided by our cost accounting assignment help writers to grasp the concept completely.

## How to Determine Costs of Goods Sold (COGS)?

Costs of goods sold is an interesting concept in accounting and as accounting or MBA students you are expected to solve complicated problems on COGS in jiffy. Our cost accounting help service can assist you to solve them. COGS refer to the carrying value of the products sold in the market. In order to calculate the costs of goods sold of a particular product, you will need to mug a few simple steps as our cost accounting assignment help experts put in:

Step 1

You will need to find out the number of units manufactured and the costs of those items per unit.

Step 2

In order to compute the number of units manufactured, start with the number of units at the beginning of the work in process. Add them to the number of units produced and subtract the total number of units at the end of the work in process from the previous sum. This is the simplest method according to our cost accounting assignment help experts.

 Number of units at the beginning of the work in process + Number of units manufactured - number of units ending in the process = number of units manufactured.

Step 3

 Cost of beginning work in process + Production Cost – Cost of ending work in process = Costs of goods manufactured.
You have the number of units manufactured. Next you need to calculate the cost of goods manufactured.

Step 4

Now that you have the total number of units and total costs of the goods manufactured. Divide them to get the COGS per unit.

Example:

The example provided by our cost accounting assignment help experts is:

Mr. Vonka has a chocolate factory which produces milk shakes. He had 200 gallons of unmixed ingredients which were put in blenders. During the year, another 4000 gallons were taken out of the storage and put in blenders. At the end of the year, 300 gallons still remained to be blended next year.

So according to step 2, the number of units is equal to

200 + 4000 – 300 = 3900 gallons

Next consider the cost of goods manufactured. Your beginning inventory cost was 200 dollars. The cost of direct materials was 10000 dollars. Direct labor cost was 5000. Overhead cost was 4000 dollars. Ending inventory worth was 3000 dollars. Then the manufacturing costs were:

2000 + 10000 + 5000 + 4000 – 3000= 1000 dollars

So the cost per gallon unit is

18000 / 3900 = 4.6 dollars

You can get more examples if you avail the best cost accounting assignment help from Thepeacekeepers.info.

What is cost accounting?

Now that you have mastered the basics of costing through our cost accounting assignment help, the time seems perfect to progress to the next level: cost accounting.

According to our cost accounting assignment help experts, cost accounting is the process that aims to capture a company’s cost of production by assessing the input costs of each step of production as well as fixed costs such as depreciation costs of capital equipments.

## What are the Benefits of Cost Accounting?

According to our cost accounting assignment help experts, cost accounting helps companies in various ways:

1. Standard cost accounting is the basic that takes into account the different parts of the cost of a product be it indirect, indirect or overhead costs. Refer to our cost accounting assignment help to get detailed knowledge.
2. Marginal and incremental costs can be taken into account if there is any change in the production process. Know more through our cost accounting assignment help.
3. Some accounting principles like environmental accounting and life cycle assessment help companies in the long run. Avail our cost accounting assignment help to get details.
4. Finally all the elements of accounting are separately dealt with like cost of labor, land and raw materials, thereby helping companies to develop their financial policies. It is explained in our cost accounting assignment help.

## How Online Assignment Help Service Assist Students in their Accounting Assignments?

According to our cost accounting assignment help experts, accounting or accountancy is the measurement, processing and communication of financial information about economic entities i.e. any business organization or a person. Accounting can be divided into several subfields. They are financial accounting, managerial accounting, auditing and tax accounting. So subscribe to our cost accounting assignment help.

The cost accounting assignment help experts further state that cost accounting falls broadly under managerial accounting. Students of commerce and business must have a good understanding of accounting assignments. They are required to solve cost accounting problems as a part of their syllabus. Students taking cost accounting assignment help online can be helped by a number of benefits.

1. Cost accounting assignment help services provide cost assignment help on a number of topics including accountancy and its various sub disciplines.
2. Students can now get their assignment written by PhD experts who have years of academic experience. Our cost accounting assignment help is provided by only PhD qualified experts.
3. Our cost accounting assignment help assist students to improve their academic knowledge by providing assignment help on difficult subjects like marginal over head costs and lean accounting.
4. On-time delivery means that students can be always on time while submitting assignments. Our cost accounting assignment help always maintain the deadlines.
5. Marked improvement in grades has been noted by all students. Our cost accounting assignment help can guarantee you the best grades.

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