AccountingManufacturing Tips Production Costs: Definitions, Formulas, and How to Control Them Small businesses need to know exactly what each specific product costs to make. Not just the factory floor expenses. Everything. Production costs and manufacturing costs aren’t the same thing, even though people mix them up constantly. Get this wrong, and your pricing suffers, along with cost control. Your financial statements won’t tell you what’s really […] By Steve Maurer, IME 12 min read
AccountingManufacturing TipsProduction planning Total Manufacturing Cost – What is it and How to Calculate it? Total manufacturing cost is an essential metric for understanding the profitability of a business. It can be used to adjust the selling price of your products, identify and cut expenses, and calculate other key metrics like the Cost of Goods Manufactured. In this post, we explore total manufacturing cost and its utility to manufacturers. By Madis Kuuse 10 min read
