How to Set Costs for Products & Services

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Course Outline The practice of product and service costing is critical for any type of business; big, small, start-up or established. And the reason is simple: without founded knowledge about what it costs to produce or acquire a product and/or to render a service, a manager or business owner will never be able to set a price that is competitive and that leads to business profits. This crash course aims at making the art of determining costs for products and services easier to participants by covering the material with lots of examples and exercises. Course Objectives By the end of the workshop, participants will be able to: * Describe the importance of adopting product and service costing * Explain different costing terminologies * Determine unit costs of products using merchandise costing * Determine unit costs for items produced using production costing * Determine unit costs for services rendered using service costing Target Audience Starting entrepreneurs in search of techniques to properly cost their products and/or services; Executives, managers and administrators of established SME companies looking into revamping their existing costing methods; and anyone interested in the topic of product and service costing. Key Topics The key topics covered in the course are: * Fundamentals of product and service costing * Costing terminologies: direct and indirect costs, variable and fixed costs, inventoriable and period costs * Merchandise Costing methods * Job (Order) Costing method * Activity-Based Costing method * Service Costing method Certification Certificate of Participation

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