what are different types of costs?

Answer 1

In what context? In a manufacturing environment, costs consist of direct materials, direct labour and manufacturing overhead (aka factory overhead). Split another way, costs can be variable or fixed. Variable costs increase in proportion to the no. of units produced, e.g. the more dresses you produce, the more fabric you have to purchase. Fixed costs are fixed within a certain range, e.g. rent of factory space - whether you produce 50 or 100 dresses, the rent is the same.

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Answer 2

Good question ,if this is related to manufacturing then you have various types of costs.

direct cost: like material , labour , expenses

indirect cost :Overheads and indirect expenses to run factory operations


Then you have functional cost eg

Manufacturing cost

marketing cost

administartive cost

Financing costs

These cost are measured and allocated to different cost centres through annual budget of a company and any deviations are then checked and operations modified accordingly.

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