Marginal Costing Assignment Help

Marginal Costing Assignment Help
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An Introduction to Marginal Costing

Marginal costing is a technique of costing similar to the other costing methods like process and job costing. It assists the management in making important financial decisions for profitability assessment and price fixation. It also depicts the inter-relationship between sales volume, cost, and profit. Marginal Costing assignment help from BookMyEssay assists the students in understanding the concept of marginal costing from its basic level. Variable cost is used for finding out the cost of production. As fixed costs are not involved, therefore, a special technique is used for finding out the cost of production, called marginal costing. Marginal costing can also find out the per unit cost up to a level. Marginal costing is also called by names like differential costing, direct costing, comparative costing, or incremental costing. For the students who are pursuing costing, marginal costing topic is extremely essential. When you are given the assignment to write related to this topic, we at BookMyEssay assure you to provide the best Marginal Costing coursework writing help. Our online assignment provider understands the importance of this subject and offer error-free services. We provide a clear concept of administration, production, selling, and distribution that can make you score top grades in your assignment.

Marginal Costing: An Overview

Marginal costing is defined as the change in total cost, which arises when the production of a quantity changes by a single unit. It is the cost of production of one additional unit. Usually, marginal costing at every production level involves the additional costs that are needed for the production of the next unit. For finding out the marginal costing, we require the following elements:

  • Direct labor
  • Direct material
  • Other direct expenses
  • Total variable overheads

Marginal cost= prime cost+total overheads (variable)

Marginal Costing is defined by The Institute of Cost and Work Accountants “ as the ascertainment by differentiating between fixed cost and variable costs of marginal costs and of the effect on profit of changes in the volume of the type of output”.

The main features of Marginal Costing are as follows:

  1. All costs are categorized into fixed costs and variable costs
  2. When the evaluation of only the work-in-progress and finished goods are considered, there are only variable costs.
  3. Marginal Costing is a costing method that is used in the other costing methods.
  4. Fixed costs should be deducted from the contribution in order to get a net loss or net profit.
  5. Total fixed costs always remain the same regardless of the production level though fixed costs/ unit will not remain uniform.
  6. Variable cost/ unit and selling cost/unit remain the same.
  7. For employing the relationship of cost volume profit, a firm has to decide its profitability at different activity levels.
  8. The contribution is also called profit or income.
  9. Usually, fixed costs, the year in which they are incurred are charged to P/L Account and not adjusted in the subsequent year’s income.
  10. In all stages, variable and fixed costs are segregated. Besides this, semi-variable costs are divided into variable and fixed.

Best Advantages of Marginal Costing

Some of the advantages of marginal Costing are as follows:

  • It helps in fixing the selling price. Depending on the product’s price level, profit should be ascertained. The difference between the fixed costs and the variable costs help to fix the selling price.
  • It helps us in ascertaining making or buying decisions
  • It is helpful in production planning.
  • It helps in budgetary control. For preparing a flexible budget, we need to calculate the total fixed cost as well as the variable cost under different activity levels.
  • In help in achieving effective results.
  • It is simple to understand.

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