Cost-It-Right
Finding the Best Approach for Product Costing
Abstract
This paper invokes understanding and examining the importance of calculating an accurate product cost for making sound decisions about pricing, performance, production mix, and competitive strategy specifically for a new entrepreneur. Identification and understanding of direct and indirect costs to be charged to product costs are highlighted to avoid the impact of cost distortion. The attention is focused on the creation of a costing tool, known as the Cost-It-Right (CIR) system to help users to understand basic calculations in determining a right cost of a product, overcoming product cost distortion, and simultaneously able to achieve better financial performance with competitive price.
Copyright (c) 2021 Gading Journal for Social Sciences (e-ISSN 2600-7568)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
