Costing Programs And Pricing Strategies - Montana
SECTION 9Costing Programsand Pricing Strategies1
Section 9IntroductionCost ManagementBusinesses have only 3 options when it comesto increasing profits: lower costs, increaseprices or change sales or the sales blend.Section 9 will discuss the determination ofcosts and product or service pricing.Costs DefinedAt the outset it should be noted a number ofsmall and midsized and even large companiesdo not have a thorough understanding oftheir product costs nor do some of them havea procedure for analyzing these costs. Thecontrol, monitoring and assessing of bothorganization and product cost drivers is one ofthe most important functions of management.There is also a direct relationship betweena food company’s coststructure and the pricingand profitability of thecompany’s product orservice.Product or service pricingis considered one of themost critical decisionsmade in a company.However, a number ofsmall and medium sizedcompanies have noprocess in place to assesscompetitive or marketpricing nor do they havea pricing strategy or plan.The “opening” or “firstprice point” for a product or service is probablyone of he most important decisions that acompany will make. Yet often this decision isbased on financial criteria without considerationof factors such as market pricing, line pricing,bundle pricing, penetration pricing tactics, zonepricing, promotional pricing or other pricingstrategies.In order to understand the impact of variouscosts on a company’s financial performance,it is first necessary to gain some knowledgeof the type of costs associated with a productor service. The knowledge of what makes upthese costs is fundamental in determiningthe product price that is necessary to coverthe company’s fixed and variable cost andgenerate a profit. This information is alsorequired in order to reduce or eliminate someof those while helping the company developa sustainable competitive advantage in themarketplace.What is a cost?A cost is all the money that is spent tomanufacture a product or to provide aservice. The costs to make a productare usually composed of fixed costsand variable costs. An important cost toconsider when making decisions on aproduct is the opportunity cost.Opportunity CostIs the loss of the benefit that could havebeen obtained by investing resources(cash, salaries, time) in somethingelse. For example, the opportunitycost of carrying a lot of inventory isthe value that could have been created ifsome of that inventory cost was invested inmarketing or other products. It is the value ofthe various alternatives that could have beenaccomplished with the resources expended inthe business, product, project or service.2
Section 91Fixed CostFixed costs are costs that are not dependent onthe level of production or sales, such as monthlysalaries, taxes, mortgage payments, or themonthly rent or basic plant maintenance costs.Variable CostVariable costs are costs that change inproportion to the activity of a business.Examples: ingredients, packaging, productionline personnel, freight, electricity used to run theproduction equipment.Total Costsproduction line is production 100 units of jaman hour, what is the cost to produce the 101stunit?The marginal cost is an important piece ofinformation to have when determining the costof production extra units to meet an order.The cost of overtime, purchasing and storingextra materials, extra packaging all comeinto consideration when looking at the cost ofthat extra unit of production as the followingillustrates. In effect, sometimes you make moremoney by producing fewer products.Marginal CostThe total costs of a product are the sum of thevariable and fixed costs.Direct & Indirect CostsMarginal CostThe marginal cost is the change in the total costthat occurs when the quantity produced changesby one unit. In effect, it includes any additionalcosts required to produce the next unit. If aDirect costs are these costs that can be directlyassociated with a particular cost area such asthe labour required to manufacture or processa product. However, not all variable costs aredirect costs; variable manufacturing overheadcosts are variable costs that are Indirect.Indirect costs cannot be traced to a singlecost object (product or service or process), anexample would be a plant wide maintenanceprogram.3
Section 91Incremental CostMarginal Cost and Margin RevenueIncremental cost is the change in cost causedby a particular managerial decision. It can beincurred when a product or service is modifiedor there is a change to the product designor production process. This cost is oftenassociated with “cost creep” or the changes tothe cost of a product or service brought aboutby, usually seemingly small, revisions.Marginal cost is the extra cost of producingone more unit of output or service. As thediagram illustrates, the MC is U-shaped. Themarginal cost for each product or service isrelatively high at small quantities of output,then as production increases, the marginal costdeclines, reaches a minimum value, and thenrises.Incremental costs creep into a company. Anew type of letterhead, a small change iningredients, a change in the quality of tapeused on boxes, a seemingly minor change inpackaging. Beware of the cost creep.The marginal cost is shown in relation tomarginal revenue, the incremental amountof revenue generated by additional unit ofoutput or either a product or a service. Theshape of the MC curve is directly attributable toincreasing, then decreasing marginal returnsand the law of diminishing returns.Overhead Costs (Overhead)Overheads are costs that are necessary to thecontinued functioning of the business, such atelephone, rent, postage, administrative payroll,office supplies, benefits, maintenance, andbusiness trips.Marginal Cost and Marginal RevenueOperating CostsOperating costs are those recurring costs whichare related to the operation of a business or theoperation of a device, piece of equipment or afacility. There are two categories of operatingcosts; business operating costs and equipmentoperating costs.The Costs vs Volume vs ProfitabilityThe small to medium and even largebusinesses, in the food sector often do notmaximize profitability due to inadequatemarginal cost and marginal profit information.An understanding of how marginal costsand marginal profits have a direct effect onprofitability is important for price determinationand cost improvement practices.Law of Diminishing ReturnsIn a production system with fixed and variableinputs, such as factory size and labour, beyondsome point of production, each additional unitof variable input yields less and less output.4
Section 91The result at this point is that producing onemore additional unit of output costs more andmore in variable inputs. The concept is alsoknown as the Law of Diminishing Returns.The law demonstrates that more is not alwaysbetter when it comes to production. It is oftenadvisable to outsource additional productneeds rather than produce it in house.Contribution margin is sales dollars minusvariable costs and variable expenses. If aproduct sells for 10 and its variable costsand variable expenses are 6, the contributionmargin is 4 per unit.Contribution MarginMarginal ProfitMarginal profit is the dollar amount by which afood company’s profit increases or decreaseswhen output increases by one unit. MarginalProfit Marginal Revenue - Marginal Cost.Contribution MarginThe marginal profit per unit sale. Contributionmargin can be thought of as the fraction ofsales that contributes to offsetting fixed costs.Alternatively, unit contribution margin is theamount each unit of sale adds to the profit andcan be used to simplify a break-even analysis.In many food companies, some productsare manufactured and sold because of theircontribution to “eating up overhead costs” andthis ensuring the profitability of other, morestrategic lines of business. That is why somecompanies view private label business as away “eating overhead” and contributing to theoverall profitability of the business.Contribution margin is different from GrossMargin in that a contribution calculation seeksto separate out variable costs (such as Cost ofGoods Sold, Sales Commissions and DeliveryCharges) from fixed costs (Depreciation,Insurance, Payroll taxes, Rent, Utilities,Wages) not included in the contributioncalculation, on the basis of economic analysisof the expense; whereas gross margin isdetermined using accounting standards.Break- Even PointThe break-even point (BEP) is the point atwhich cost or expenses and revenue areequal: there is no net loss or gain, and onehas “broken even”. The break-even point fora product is the point where total revenuereceived equals the total costs associated withthe sale of the product (TR TC).The break-even point is one of the simplestyet least used analytical tools in foodmanagement. It helps to provide a dynamicview of the relationships between sales, costsand profits. A better understanding of breakeven—for example, expressing break-evensales as a percentage of actual sales—cangive food company managers a chance tounderstand when to expect to break even bylinking the percent to when in the week/monththis percent of sales might occur.5
Section 91Break-even analysis utilizes contributionmargin. Contribution margin is sales dollarsminus variable costs and variable expenses.If a product sells for 10 and its variable costsand variable expenses are 6, the contributionmargin is 4 per unit. The formula for thebreak-even point in units of product is the totalfixed costs divided by the contribution marginper unit. For example, if the total fixed costsare 40,000 and the contribution margin perunit is 4, the break-even point is 10,000 units( 40,000 divided by 4).4. Determining the timing and levels ofinvestment for new equipment5. Establishing a profitable “blend “ofproductsBreak-Even pointOn the surface, break-even analysis is a toolto calculate at which sales volume the variableand fixed costs of producing your productwill be recovered. Another way to look at it isthat the break-even point is the point at whichyour food product stops costing you money toproduce and sell, and starts to generate a profitfor your company.You can also use break even analysis to solvefood managerial challenges such as:1. Setting price levels2. Targeting optimal variable/ fixed costcombinations3. Determining the financial attractivenessof different and sometimes competingstrategic options for your companyCost AnalysisThe process of undertaking a cost analysisusually starts with the identification of the fixedand variable costs in each company and thenprogresses to a determination if the cost isjustified, or if the cost contributes to addingvalue to a product, activity or service or, or if itis an investment in current or future productivityor other criteria established by the company.The determination and understanding of thevarious fixed and variable costs in a companyis fundamental to establishing a sustainableand competitive business. For start-ups andsmall companies, with limited resources, it iseven more important that management have athorough understanding of each significant costdriver.6
Section 91Fixed and Variable Cost Spread SheetFixed andVariable CostSpreadSheetDevelopinga spreadsheetof all thevariableand fixed costs in the company with a ranking by orderof magnitude of the variable and fixed costs is a good first step in defining costs.Developing a spreadsheet of all the variable and fixed costs in the company with a ranking by order ofmagnitude of the variable and fixed costs is a good first step in defining costs.Worksheet 1 Fixed CostCost erageTotalAnnual% of FixedCostActivityLease quipmentRentalPayrollTaxesProperty untingAdvertisingTotal FixedCost7
Section 91Worksheet 2 Variable Cost - DateCost CategoryPersonnel WagesPersonnel –BenefitsWeeklyAverage MonthlyAverage Q1 Q2 Q3 Q4 TotalAnnual % verheadIndirectRaw rectDirectIndirectOffice rectDirect/IndirectTotal VariableCost8
Section 91Drill Down On CostsVariable Cost - Raw Materials – Baking Div. - o/TonneQ1Est.Usage Q2Est.Usage Q2Est.Usage Q2-Est.Usage AnnualVolume AnnualVolumeKilo/Tonne% ofRawMaterialPerAnnumSugarMilk tabilizersVegetableOilTotalMaterials9
Section 91Variable Cost Plant /Admin. Personnel itsPer olPackerPlantMaint.Total10
Section 91Bill of MaterialsBill of MaterialsDeterminationof the unit cost price of each product or service; and unit cost of raw or bulk ingredientsDetermination of the unit cost price of each product or service; and unit cost of raw or bulkis critical to pricing. The Bill of Materials is an internal document that will specify all the “direct” inputsingredients is critical to pricing. The Bill of Materials is an internal document that will specify all theinto aproduct.TheintoBOMwill includethe costof ingredients,time,labour, packaging“direct”inputsa product.The BOMwill includethe cost processingof ingredients,processingtime, labour,andotherpackagingvariable costs.and other variable costs.Worksheet 6 Bill of Materials – Product DateMaterialDescriptionSugar – RefinedSugar - BrownMilkCreamFlour –All PurposeFlour –BakingBaking SodaChocolate ChipsButterShorteningSaltSeasoningVegetable OilDirect Variable EnergyVariable Overhead AllocationAdministration/Rental /WagesPallet Cost per UnitShip Materials – Shrink WrapShip Materials - Tape/LabelTransportation InTransportation OutLabour MixingLabour BakingLabour PackingLabour ShippingLabour UnloadingPackaging InnerPackaging OuterUsageUnit/Dozen CostUnit/Dozen% ofAlternateTotal Unit MaterialsCost/ SourcedActivityAreaTotal Unit Cost11
Section 91Optimal Production LevelThe unit cost can be reasonably estimated fromthe use of worksheets. In order to determine theoptimal level of production will require an analysisof production levels and costs over time. The timeperiod to measure the production and costs willvary with each company; however, it is best ifproduction can be measured in a ramp up periodversus one of stable production where variableinputs do not very greatly.Blended CostBlended cost is the best production blend thatresults in the lowest possible total cost for therange of products produced by the company whilemaximizing line efficiency and profitability.Blended cost also refers to the average costof a line of like products. The blended cost isused to determine a line price for the products.For example, the cost to make a line of differentflavoured jams will vary but the range of jams willbe sold for one price in the market. The averageor blended cost of all the products will be used todetermine a line price and the average margin forthe product line.Cost DriversA cost driver is any activity that causes a cost tobe incurred.Some examples of indirect costs and their driversare: Maintenance costs are indirect costs andthe possible driver of this cost may be thenumber of machine hours Inspection costs that are driven by thenumber of inspections or the hours ofinspection or production runs Handling raw-material cost may be driven bythe number of orders receivedCost ManagementCost management is more than justaccounting, it is a focus on the continuouscontrol of costs in all parts of a company.In many small and medium sized foodcompanies, the focus is on increasing salesand production and capturing market share.However, a focus on controlling costs can freeup the resources need to “pull” products offthe shelf. For example, one small company cutcosts of equipment rental by 12,000 per yearand put that money into a new website thatgenerated retail sales across Canada.Cost management is about freeing up limitedresources to increase sales and profits. Thefollowing is a brief summary of some of themost common areas in a company where costs“creep” in over time and should be reviewed ona regular basis, at least once every 6 months.Asset EfficiencyMost companies have most of their liquidassets tied up in the following areas. Reducingthe amount of cash tied up in each are canhave a significant impact on cash flow andprofitability. Accounts Receivable and AccountsPayable – target AR to 30-45 days andtarget AP to 45-60-90 days12
Section 91 Finished Good Inventory – review levelsagainst order fill rates. How long doesthe inventory sit in stock; target annualstock turnsRaw Materials Inventory – what levelsare required to meet production needs;is there a Just in Time program in placeand what are the terms of saleTransaction CostsCompanies often do not know what it costs tomail an envelop, service a customer by phoneor issue an invoice. Transaction costs arenotorious for creeping up over time. The firststep is to determine what it costs to performsome of the following: Customer Service – review CS costsper customer, costs of order input andservice. order size, service requirements.management time, system time.Invoicing – can cost 21.00 to issuancean invoiceAccounts Payable – can cost 20- 60 topay an invoicePurchasing – issuance of purchaseorders, reconciliation of orders, trackingand monitoring of ordersPortfolio ManagementNot all products deliver the same margin ornet profits to a company. Some products arehighly profitable while others have a strategicneed to “fill out the assortment”. Considerimplementing the following on a monthly basis.It may take a company a period of time todevelop the systems or procedures to obtainthe information but the time is well spent andthe return on investment will be considerable. Review the cost, margins, volume andprofitability of each product or serviceRank each product or service accordingto margin, profitability and opportunityConsider the position of each product orservice in relation to the “total” product orservice offeringEliminate redundant, non-profitable ornon-strategic products or servicesStrategic and Counter SourcingMany companies get caught in the sourcingtrap. Suppliers become comfortable to workwith and relationships are developed. Manycompanies do not have back up sourcing plansif the primary source for a material goes outof business or is purchased by a competitor.Consider implementing the following, as ameans of reducing risk and keeping the costsin line with the market. Alternate sourcing on all primary inputsfor products or servicesImplement 3 sourcing model – Primary,backup and alternate sourcing for allprimary inputsConsider longer run sourcing contractson strategic inputsDevelop new sourcing model for allinputs with the objective or review orfinding one new primary source perannum13
Section 91Outsourcing Every food company has their own corecompetency or they would not be in business.However, that does not mean that theircompetency extends to every aspect of runninga business. Consider outsourcing to controlcosts by allowing accessing other company’scompetency. Review current operations andprocedures with the view to outsourcingnon-core competence functionsOutsourcing can usually be readilyimplemented in Accounting, Payroll,Sales, Human Resources, IT andComputer Services, Maintenance(non-equipment), Office Equipment,Formulations, Package Design,Marketing Materials, Advertising andPersonnel (Contract) Vendor Program ReviewMany food companies rarely, usually due to alack of time, review vendor programs with aview to reducing costs. Reducing costs doesnot necessarily mean reducing prices. It meansworking with vendors to eliminate unnecessarycosts. The costs could be in the way the inputsare delivered, packaged. Costs can often bereduced by asking a few questions. Oftenthe response is “We did not think that wasimportant to you.” Review and EliminateUnprofitable ProductsIn many food companiesthe adage is “more isbetter”. Product line creep is a commonproblem and many companies continue tomake products well beyond their natural marketlife cycle or strategic need. Remember Pareto’sprinciple: 20% of the products drive 80% of theprofits.Review the processes involved inmultiple product linesOutsource, when necessary, costengineering reviews of the product linesEliminate products or product lines thatdo not meet established financial orstrategic criteriaReview primary vendor programs forinput costs, terms of sale, volumereductions, standardization of products,freight costs, marketing allowances,defect product return policies, stockingprogramsReview primary and secondary vendorsonce per annum, backup vendors onceper 18 months or as neededCost Reductions – Where toStart?The most difficult part of any cost controlprocess is getting started. Once the costinformation has been obtained, categorizedand sorted, the next phase is looking at areasof saving. A quarterly review of the primarycost areas and an ongoing focus on costimprovement through staff programs, vendorprograms and other programs will assist in14
Section 91developing a cost reduction or cost controlculture in the company.The development of a company culture thatencourages the development of cost controlprocesses and procedures and constantimprovement will not be successful withouta champion at the outset. Management buyin is critical to the development of any costreduction or cost control program.4. The development of champions andleaders in the company5. Realistic and achievable targets6. Establishing a cultureOrganization and CommunicationThe team should assign responsibilities andaccountability, set goals (such as a cost reviewof one area per quarter or per month.) Assignresponsibility for review and responding tosuggestions for cost improvement. Set upmonthly staff meeting to keep everyone up tospeed.Use the CostInformationEach company will adopt its own cost reductionreview methodology however considerationshould be given to the various phases of theprocess.Develop a PlanA team should be set up to establish theongoing objectives of the Cost ReductionProgram. It is important to indicate to allemployees that not only is their input criticalto the process, but that the benefits of theprogram will be shared in some manner withthe employees. The plan can include:1. Continuous Improvement Suggestionswhich must be responded to immediately2. Bonuses for suggestions that areimplemented3. Sharing of information on costs andprocess – trust is key to the success ofthe programUse currentinformation anddrill down deeperfor additional costs.The pursuit andunderstanding ofadditional costinformation is thekey to the process.Review all assumptions on costs, at the outsetfocus on the top 3 or 4 costs in each area.Focus on the larger cost areas at first then drilldown to the second and third levels.Validate all the cost assumptions. Do notassume that “the cost is the cost”.Talk to employees – Share the SavingsTalk to the employees because the employeesusually know a particular function betterthan anyone else in the company. The firstline of improvement will always come fromemployees – when encouraged and supported.Sharing the savings and acknowledgement,will encourage the development of a costconscious culture.15
Section 91Talk to Vendors – Share the SavingsReducing cost does not mean demanding alower price at the expense of the vendor. Ina value system, it means working with eachmember of a value system to mutually improveprofits and margins. Discussion should beongoing on processes, impediments to costreductions, working with the vendor’s valuechain to reduce costs, improving linkagesbetween the companies, and sharinginformation. Trust is the critical factor inworking with vendors to improve the costs of allinputs.Talk to Distributors or Brokers – Share theSavingsCost savings can usually be achieved bydeveloping a strong and trusting workingrelationship with some distributors and brokers.Distributors and brokers have the benefit ofobserving “best practices” from a range ofcompanies in the food industry and will, ifasked, give suggestions on to reduce costs.Talk to Customers – Share the SavingsCustomers have a decided interest in assistingtheir supplier base reduce costs. Retailersare very much aware that a reduction of 1.00 at cost can translate into a reductionof 2.50 - 3.00 at retail or an opportunity tocapture additional margin dollars. Costs canbe achieved in areas such as portion size,ingredients, packaging, distribution costs (DSDversus warehouse), order fill rates, return rates,advertising, flyers and program costs.PricingOverviewPricing is often a problem for many businesses– particularity new businesses, because theyare unsure what the market can bear andthey want to acquire new customers. Manycompanies leave money on the table becausethey are not maximizing their price options. Itmight be because they are charging the sameprice to all segments of their customer basewhen some segments may be willing to paya higher price. It might be that they are givingaway too much at promotion time or it might bethat they are not “bundling” products in a smartway.In today’s hypercompetitive businessenvironment, pricing is the strongestdeterminant of profit. Few firms,however, have developed a pricingstrategy designed to capture themaximum revenue potential fromtheir customers. This failure toaddress pricing in a systematicfashion can have an enormousnegative impact on the firm’sbottom line.The development andimplementation of a product orservice pricing strategy is one16
Section 91of the mostimportant actionsa company canmake. The focusof this section is toexamine productor service pricingfrom a numberof perspectivesand to present theparticipants withvarious optionsin determiningand setting pricesfor the variouschannels of distribution.The market will ultimately determine theproduct price of any good or service. Thissection will focus on how to determine themarket price for a new, existing, replacement orbrand extension product.Pricing Strategies and the Marketing MixPricing strategies are a sometimes overlookedpart of the marketing mix. Pricing normally hasa significant impact on profit and so should begiven the same consideration as promotionand advertising strategies. A higher or lowerprice can dramatically change both grossmargins and sales volume. This can indirectlyaffects other costs by reducing storage costs,or creating opportunities for volume discountswith suppliers. Pricing is a key strategic tool forgaining share, differentiation, and maintainingprofitability.Pricing effects other marketing mix elementssuch as product features, channel ofdistribution (place) decisions and promotionplanning and budgeting. The value equationin a purchase is related to price but also aboutto the emotionaland benefits andattributes thatare resident in aproduct.Pricing is also aperceived value. Itis not exclusivelyabout the money, itis about the valuethat the end user,the consumerplaces on theproduct. KraftDinner was launched in 1933, it has nurturedgenerations and is making a comeback; Spamand Jell-O are also experiencing significantgrowth as the economy experiences temporarydifficulties.Value to a retailer is not only price; it is margin,delivery reliability, programs, stock turns,inshore support, problem solving, reaction toissues, marketing plans.There is usually no single formula that is usedto determine the price of a new or existingproduct or service or even how high or lowto change the price of an existing product.Many companies develop a SWAG (ScientificWild Ass Guess) approach to pricing whilesome develop sophisticated algorithms tomaximize revenue and profit generation. Somecompanies take their closest competitors priceand undercut it by 5%, while others take theircost price and double it on the assumption thatthe “price is the price”. Most companies fallsomewhere in between the SWAG approachand the development of extensive pricingmodels.In this section discussion is going to explorethe various steps that a company can be17
Section 91undertaken by companies in order todetermine the initial price of a product orservice. These steps are as follows:Competitive Pricing,Positioning andMarketing Strategyis a critical elementof establishing theproper price point forcompanies’ products.1. Cost Determination – include fixedand variable costs2. Marketing Strategy – marketanalysis, competitive pricing analysis,segmentation, targeting and positioning3. Pricing Strategy – Market Penetration,skimming, margin capture or otherprimary and secondary strategies4. Wholesale and Retail Program Fees andCosts5. Competitive Pricing and DistributionAnalysis6. Forecast Demand – estimate thepossible impact of price on demand anddetermine the overall market demand fordirect competitors and the demand forsubstitutable products in units and dollars7. Marketing Mix – Product, distribution andpromotional strategies and tacticsPricing StrategyEach company establishes and implementseither formal or informal pricing strategies.These strategies provide the organizationwith direction in the establishment of theproduct pricing. The development of yourcompanies pricing strategies is a crit
a pricing strategy or plan. The "opening" or "first price point" for a product or service is probably one of he most important decisions that a company will make. Yet often this decision is based on financial criteria without consideration of factors such as market pricing, line pricing, bundle pricing, penetration pricing tactics, zone
costing is a system in which actual costs incurred in the past are ascertained. b. Pre-determined costs / standard cost: Standard costing is not a method of costing like job order on process costing. It is a special technique control costs and can be used in conjunction with any other system like job costing, process costing or marginal costing .
costing system and is examined in detail in Chapter 6. A comparison of job-order costing and process costing is given in Exhibit 5-1. Production Costs in Job-Order Costing While the variety of product-costing definitions discussed in Chapter 2 applies to both job-order and process costing
2. Use a single plantwide factory overhead rate for product costing. 3. Use multiple production department factory overhead rates for product costing. 4. Use activity-based costing for product costing. 5. Use activity-based costing to allocate selling and administrative expenses to products. 6. Use activity-based costing in a service business .
1 Marginal cost and marginal costing 1.1 Introduction Marginal cost is the variable cost of one unit of product or service. Marginal costing is an alternative method of costing to absorption costing. In marginal costing, only variable costs are charged as a cost of sale and a contribution is calculated (sale
1. Product costing flow for discrete manufacturing w/o PA 2. Product costing flow for discrete manufacturing with PA: 3. Product costing flow for make-to-order production with valuated stock and PA 4. Product costing flow for make-to-order production with PA 5. Product costing flow for assemble-to-order production with PA 6. Product costing .File Size: 355KB
Topic 6 – The job costing system 207 Study unit 13: The job costing system 208 1 Introduction 208 2 Costing systems 208 3 Description of job costing 209 4 The flow of documents in a job costing system 209 5 Manufacturing cost flow through ledger accounts using the job costing system 209 6 Summary 213 Self-assessment Activity 213
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