Specific Cost Method Definition
Specific Cost Method Definition:
Under this method specific cost of materials issued is charged to production. When materials are purchased for a particular job, they should be charged to that particular job at their actual cost. This method is suitable for job order industries which carry out individual jobs or contracts against specific orders. This method is impracticable to use if purchases and issues are numerous and the materials issued cannot be identified.
Other Related Accounting Articles:
- Last In First Out (LIFO) Method Definition
- First In First Out (FIFO) – Materials and Inventory Costing Method
- First in First Out – FIFO Method Definition
- Standard Cost Method Definition
- Weighted Average Method Definition
- Marginal Tax Rate
- Principles of Management Definition
- Materials/Store Ledger Card Definition
- Direct Material Price Variance
- Open Interest
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