engineered costs

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The building up of the levels of costs likely to be incurred by a production process by means of constructing synthetic costs, based on a logical consideration of the make-up of each cost item. For example, the expected labour cost for a particular product may be obtained by using time studies to determine the labour times likely to be required and multiplying the result by the expected rates of pay. The method is used for standard costing, budgeting, and planning purposes in which estimated unit costs are likely to be required before production takes place.

Subjects: Accounting.

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