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Types of Costs
In short run, costs can be of three general kinds:
Fixed Cost: Total fixed costs stay constant as volume differs in the relevant range of production. Fixed cost per unit reduces as the cost is spread above a rising number of units. Illustration comprise: Fire insurance, facility rent, reduction, and property taxes.
Variable Cost: Variable cost per unit stays constant no matter how many units are prepared in the relevant range of production. Total variable cost rises since the number of unit rises. Illustration comprise: Production material and labor. Whenever no units are made, neither cost is essential or acquired. Though, each unit produced needs production material and labor.
Semi-variable Cost: Semi-variable costs involve both fixed and variable cost elements. Costs might rise in steps or rise relatively smoothly from a fixed base. Illustrations comprise: Supervision and utilities, like electricity, gas, and telephone. Supervision costs tend to rise in steps as a supervisor's span of control is reached. Utilities usually have a minimum service fee, with costs rising relatively smoothly as more of the utility is employed.
Sources of Working Capital Finance Working capital finance may be classified in the subsequent: Spontaneous Source of Finance Finance that naturally arises in
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Anthony''s orchard
Excercise 2-5 Granger products had the following transactions for the just completed month. The company had no beginning inventories. a)$75,000 in raw materials were purchased
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