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Hi, Im venkatesh.
Can please tell me any one How to prepare PRODUCT COSTING
for Interviews..Im getting confused,,kindly answer me
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Answer Posted / hannah
Hi,
SAP Product Costing deals with Plan Costing + Actual Costing
of Finish products or Services.
CO comprises Product Costing + cost accounting integrated
with FI.
It uses Integrated Cost Accounting.
Product costing also has 2 phases depending on the
Manufacturing Scenarios. If you are a normal Manufacturing
company, making goods to stock & sale, you have to first do
planning of the costs of products initially as a STD COST of
a product. This is used in many phases in SAP CO accounting.
In simple terms, you cost a product by different methods
depending on different LIFE CYCLE phases of product. These
are Development of new product. Growth stage by modifying
it. Mature stage (mass prod). Decline Retirement of that
product from Mfg+Mktng)
The whole CO process starts with this PLANNED costs of
products & ends with totaling the STD Costs for Actual
Production.
This is a simple Std cost Accounting system, in which the
end result is calculating Variance bet Planned & Actual &
analyzing those for further corrective actions.
Product costing is well integrated to FI, but only where
overhead cost accounting is used. Otherwise normally it
used only for settlement.
All these actual costs of Production are finally
settled/offset to FI or Profitability segments.
Hope this will help you for preparation, I wish you All the
Best.
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