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Material Cost – Ten Questions Quiz Part 2 !

Material Cost

Materials cost is one of the important elements of cost of product or unit. It constitutes a substantial proportion of the total cost of production. For material cost control purposes, it is very essential to know the important aspects of material, material control and material purchase control.

Material Cost is cost of material of any nature used for the purpose of production of a product or a service. This cost can be direct material cost or indirect material cost.Indirect Materials are the materials, the costs of which cannot be directly attributed to a particular cost object while Direct Materials are the materials, the costs of which can be attributed to a cost object in an economically feasible way.

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