Full Costing

Posted in Finance, Accounting and Economics Terms, Total Reads: 957

Definition: Full Costing

Full costing is a cost accounting technique that includes all the costs to produce a unit of product. The costs include direct material cost, direct labor cost, fixed manufacturing cost and variable manufacturing costs.

The direct costs are directly traced to the product and the indirect costs are allocated to the product on a decided basis.

Full costing is often referred to as absorption costing or total cost accounting.

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