{"id":2754,"date":"2019-11-23T09:17:07","date_gmt":"2019-11-23T09:17:07","guid":{"rendered":"https:\/\/commerceiets.com\/?p=2754"},"modified":"2019-11-23T09:17:07","modified_gmt":"2019-11-23T09:17:07","slug":"elements-of-cost","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/elements-of-cost\/","title":{"rendered":"ELEMENTS OF COST"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/elements-of-cost\/#ELEMENTS_OF_COST\" title=\"ELEMENTS OF COST\">ELEMENTS OF COST<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/elements-of-cost\/#The_elements_of_cost_are_the_factors_on_the_basis_of_which_expenditure_is_incurred\" title=\"The elements of cost are the factors on the basis of which expenditure is incurred. \">The elements of cost are the factors on the basis of which expenditure is incurred. <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/elements-of-cost\/#COST\" title=\"COST\">COST<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/elements-of-cost\/#MATERIAL_COST\" title=\"MATERIAL COST\">MATERIAL COST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/elements-of-cost\/#LABOR_COST\" title=\"LABOR COST\">LABOR COST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/elements-of-cost\/#EXPENSES\" title=\"EXPENSES\">EXPENSES<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"elements-of-cost\"><span class=\"ez-toc-section\" id=\"ELEMENTS_OF_COST\"><\/span>ELEMENTS OF COST<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"the-elements-of-cost-are-the-factors-on-the-basis-of-which-expenditure-is-incurred\"><span class=\"ez-toc-section\" id=\"The_elements_of_cost_are_the_factors_on_the_basis_of_which_expenditure_is_incurred\"><\/span>The elements of cost are the factors on the basis of which expenditure is incurred. <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">It may be defined as a group name of smaller costs of identical nature. Elements of <a aria-label=\"cost (opens in a new tab)\" href=\"https:\/\/commerceiets.com\/cost-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">cost<\/a> make the analysis of the cost easy and facilitate maximum information regarding costs to the manufacturers.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"cost\"><span class=\"ez-toc-section\" id=\"COST\"><\/span><strong>COST<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Cost refers to the expenditure incurred on producing the\ngoods and services. It represents the sacrifice, foregoing or a release of\nsomething of value.<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\"><strong>ACCORDING TO ICMA (Institute of Cost and Management Accountants), London<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u2018Cost is the amount of expenditure (actual or notional)\nincurred on or attributable to a given thing.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><em><strong>Example:<\/strong> <\/em>In manufacturing of automobiles, the expenditure incurred on its spare parts, painting and finishing, design, etc constitute the cost of the automobile.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Thus, cost can be said as the measure of resources given up to achieve an objective.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The following are the elements of the cost:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/11\/Slide4-1.jpg\" alt=\"ELEMENTS OF COST\" class=\"wp-image-2756\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/11\/Slide4-1.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/11\/Slide4-1-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/11\/Slide4-1-768x576.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption>ELEMENTS OF COST<\/figcaption><\/figure>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"material-cost\"><span class=\"ez-toc-section\" id=\"MATERIAL_COST\"><\/span>MATERIAL COST<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-medium-font-size\">It refers to the cost of the material that is supplied to the manufacturing unit for producing the finished product. <strong>Example: <\/strong>Cost of thread, nails, shoe polish, leather supplied to an undertaking engages in production of shoes constitute material cost. <\/p>\n\n\n\n<p class=\"has-medium-font-size\">Material cost can be classified as follows:<\/p>\n\n\n\n<p class=\"has-medium-font-size\">1.<strong><em>Direct material cost: <\/em><\/strong>Direct material cost is the cost of those materials that can be easily identifiable in the finished product. These costs can be attributable to the cost centers or cost units. The cost of such products is directly attributable to the cost of finished product.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example: <\/em><\/strong><\/p>\n\n\n\n<ul><li>Cost of leather in shoes.<\/li><li>Cost of glass in mirror.<\/li><li>Cost of iron in machinery.<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\">2.<strong><em>Indirect Material Cost: <\/em><\/strong>Indirect Material Cost is the cost which is not directly attributable to the finished product. These costs are not absorbed or apportioned by the cost units or cost centers directly. The cost of such material is not traceable in the finished product. These costs can also be known as non-identifiable or hidden costs.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example:<\/em><\/strong><\/p>\n\n\n\n<ul><li>Cost of grease or lubricating oil used in\nmaintenance of machinery.<\/li><li>Fuel or electricity needed for generating power.<\/li><li>Materials consumed for repair work.<\/li><li>Dusters and brooms used for cleansing of factory.<\/li><\/ul>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"labor-cost\"><span class=\"ez-toc-section\" id=\"LABOR_COST\"><\/span>LABOR COST<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Labor cost refers to the cost of remuneration of the workers\nemployed in an organization. It includes the amount of wages, salaries,\nperquisites, allowances etc.&nbsp; Labor cost\nis of two types:<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><em><strong>1.Direct Labor Cost: <\/strong><\/em>These are also known as direct wages. This cost can be identified with and allocated to cost centers or cost units. <\/p>\n\n\n\n<p class=\"has-medium-font-size\">In case of manufacturing concern, it includes the\nremuneration paid for converting the raw material into finished products or for\naltering the construction, composition or condition of the product manufactured\nby an undertaking.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example:<\/em><\/strong> Wages paid for spinning yarn in a spinning mill.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In case of service concern, direct labor cost refers to the\nwages paid to those who directly carry out or operate the service.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example: <\/em><\/strong>Wages paid to the driver and conductor of a bus.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>2.Indirect Labor Cost:<\/em><\/strong> These are also known as indirect wages. It refers to that part of labor cost which is not directly attributable to the cost centers or cost units. These are not apportioned to or absorbed by the cost centers or cost units.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example: <\/em><\/strong>Salary paid to the manager, Salary paid to the guard of the office.<\/p>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"expenses\"><span class=\"ez-toc-section\" id=\"EXPENSES\"><\/span>EXPENSES<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-medium-font-size\">Expenses refer to the cost of services provided to an\nundertaking and the notional costs of the use of the assets owned by the\nbusiness house.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example: <\/em><\/strong>Deprecation on building, plant and machinery etc.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The expenses are of two types:<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><em><strong>1.Direct expenses:<\/strong><\/em> These expenses are also called chargeable expenses. These expenses can be directly identified to the cost centers or cost units. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example: <\/em><\/strong><\/p>\n\n\n\n<ul><li>Carriage and freight paid on direct materials\npurchased.<\/li><li>Import duty<\/li><li>Octroi duty etc.<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\">The aggregate of direct material cost, direct labor cost and\ndirect expenses is known as Direct Cost.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>2.Indirect Expenses or Overheads:<\/em><\/strong>&nbsp; Expenses which cannot be allocated to the cost centers or units but can be apportioned by them are known as overheads or indirect expenses. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example: <\/em><\/strong><\/p>\n\n\n\n<ul><li>Rent, rates and taxes<\/li><li>Repairs to machinery<\/li><li>Factory lighting<\/li><li>Office lighting<\/li><li>Depreciation and insurance of showroom building\netc.<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\">The aggregate of indirect material cost, indirect labor cost\nand indirect expenses is known as Indirect Cost.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The indirect expenses or overheads can be further sub-divided into:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/11\/Slide11.jpg\" alt=\"TYPES OF OVERHEADS\" class=\"wp-image-2757\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/11\/Slide11.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/11\/Slide11-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/11\/Slide11-768x576.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption>ELEMENTS OF COST<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>A)Factory overheads:<\/strong> It includes all the indirect costs incurred in factory in respect of manufacturing operations. It includes the cost of indirect materials and indirect labor.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example: <\/em><\/strong>Cost of lubricating oil, coal, gas and fuel, wages of store-keeper, salaries of foremen, supervisors, factory rent etc.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>B)Office and Administration Overhead:<\/strong> It refers to the general expenses and expenses of administration and control of business. It includes all the indirect costs relating to direction, guidance, management, control and administration of business concern.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example: <\/em><\/strong>Salary of general manager, insurance expenses, office rents, office rates, office lighting etc.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>C)Selling and Distribution overheads:<\/strong> These include all the indirect costs which are incurred for <\/p>\n\n\n\n<ul><li>Promoting the sales <\/li><li>Retaining the customers<\/li><li>Providing after sale services to the consumers<\/li><li>Raising the market share of the concern. <\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong><em>Example:<\/em><\/strong> Advertisement, salary of sales manager etc.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">These costs play an important role in growing the business and its goodwill.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cost-accounting\/\">Cost Accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-cost-accounting-pdf\/\">Scope of cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/elements-of-cost\/\">Elements of cost<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/types-of-cost\/\">Types of cost<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/material-control-in-cost-accounting-pdf\/\">Material control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perpetual-inventory-system\/\">Perpetual inventory system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/pricing-of-materials\/\">Pricing of materials<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/bin-card\/\">Bin Card<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/store-ledger\/\">Stores Ledger<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/incentive-plans\/\">Incentive plans<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/overhead\/\">Overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-treatment-of-idle-time\/\">Idle time<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/system-of-wage-payment-in-cost-accounting\/\">System of wage payment in cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-time-rate-system-and-piece-rate-system\/\">Time rate vs piece rate wage system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-centre\/\">Cost Center<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/labor-turnover\/\">Labour Turnover<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-management-accounting-and-cost-accounting\/\">Difference between management accounting and cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/allocation-and-apportionment-of-overheads\/\">Allocation and apportionment of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-allocation-and-apportionment-of-overheads\/\">Allocation vs Apportionment of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/absorption-of-overheads\/\">Absorption of overheads<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/over-absorption-and-under-absorption-of-overheads\/\">Over absorption and under absorption of overheads<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/activity-based-costing\/\">Activity based costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-traditional-costing-and-activity-based-costing\/\">Traditional costing vs ABC system<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reconciliation-of-accounts\/\">Reconciliation of accounts<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/unit-costing\/\">Unit costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-sheet-format\/\">Cost sheet format<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-sheet-vs-production-account\/\">Cost sheet vs production sheet<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/job-costing\/\">Job costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/batch-costing\/\">Batch Costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-job-costing-and-batch-costing\/\">job costing vs batch costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/contract-costing\/\">Contract costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-job-costing-and-contract-costing\/\">Job Costing vs Contract costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/process-costing\/\">Process Costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-costing-vs-job-costing\/\">Process costing vs job costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-products\/\">Joint products<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/by-products\/\">By Product&nbsp;<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/equivalent-production\/\">Equivalent production<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/marginal-costing\/\">Marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/applications-of-marginal-costing\/\">Application of marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cost-volume-profit-analysis\/\">Cost volume profit analysis<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/tools-and-techniques-of-marginal-costing\/\">Tools and techniques of marginal costing<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/budget\/\">Budget<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/break-even-point\/\">Break even point<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-budgetary-control\/\">Process of budgetary control<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/explain-the-advantages-and-limitations-of-budgetary-control\/\">Advantages and limitations of budgetary control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/budgetary-control\/\">Budgetary Control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/zero-base-budgeting\/\">Zero base budgeting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/standard-costing\/\">Standard Costing<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/variance-analysis\/\">Variance Analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-standard-costing-and-budgetary-control\/\">Standard costing vs budgetary control<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-management-accounting-and-cost-accounting\/\">Management accounting vs cost accounting<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-financial-accounting-management-accounting-and-cost-accounting\/\">Cost accounting vs financial accounting<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"152\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg\" alt=\"ELEMENTS OF COST\" class=\"wp-image-4836\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg 512w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1-300x89.jpg 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><figcaption>ELEMENTS OF COST<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>ELEMENTS OF COST The elements of cost are the factors on the basis of which expenditure is incurred. It may be defined as a group name of smaller costs of identical nature. Elements of cost make the analysis of the cost easy and facilitate maximum information regarding costs to the manufacturers. COST Cost refers to&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/elements-of-cost\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;ELEMENTS OF COST&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2760,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[191,190],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2754"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=2754"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/2760"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=2754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=2754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=2754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}