Firstly, what is ‘Costing’?
If you sell a product, it is the cost of buying the product plus preparing it for sale, e.g. freight, storage etc. This excludes overheads such as rent etc.
If you sell a service or jobs, it is the cost of direct labour. As per products, it excludes overheads.
If you manufacture goods it is the costs of raw materials, labour, equipment, etc. as per selling a product.
Costs are sometimes referred to as direct costs, cost of goods sold or variable costs in management reports.
It is important to understand what all the costs associated with a product or service are, because you need to know that you are making a reasonable margin, i.e. the difference...
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