What Is the Difference Between Total Manufacturing Costs and Cost

question 231

Essay

What is the difference between total manufacturing costs and cost of goods manufactured?

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Definitions:

Actual Cost

The total amount of money that has been spent on a project or activity up to a specific point in time.

Budgeted Cost

The estimated financial expenditure allocated for a project or a specific activity within a project.

Planned Value

The budgeted cost of work scheduled to be completed by a specific point in time during a project.

Cost Variance

The difference between the budgeted or baseline amount of expense and the actual amount spent.