a. From the above case, identify the type of cost classification discussed.
Case: Cost Classification
Determining and valuing stocks, cost of products offered is easy in a retailing business; however it is tough in a producing business. It is to be kept in mind that the majority of the time the exact same cost can be categorized in various methods for that reason, stating that cost has various types is a bit loose understanding since numerous at times it is the exact same cost being categorized in a different way as we take a look at the very same thing from various point of views. “Cost may be classified in a variety of ways according to their nature and the information needs of management.”
a. From the above case, identify the type of cost classification discussed.
b. List and explain in your own words the different type of cost in that classification based on above case.
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