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Cost Drivers
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This video discusses cost drivers.
A cost driver is an activity that causes costs to occur. Machine hours, direct labor hours, units produced, the number of employees-- all of these things could potentially be a cost driver. If a change in the activity level (e.g., an increase in the number of sandwiches made by a restaurant) leads to a change in costs (e.g., an increase in the cost of bread for the restaurant), then the activity is a cost driver. Thus, there is a cause-and-effect relationship between the activity and costs.
Some companies use a single cost driver to allocate manufacturing overhead. However, companies often have many cost drivers. Activity-based Costing was developed in the 1980's to better measure costs by taking multiple cost drivers into consideration.
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Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD.
Edspira’s mission is to make a high-quality business education accessible to all people.
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SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS & OTHER FREE GUIDES
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MICHAEL’S STORY
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LISTEN TO THE SCHEME PODCAST
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CONNECT WITH EDSPIRA
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CONNECT WITH MICHAEL
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HIRE MCLAUGHLIN CPA
A cost driver is an activity that causes costs to occur. Machine hours, direct labor hours, units produced, the number of employees-- all of these things could potentially be a cost driver. If a change in the activity level (e.g., an increase in the number of sandwiches made by a restaurant) leads to a change in costs (e.g., an increase in the cost of bread for the restaurant), then the activity is a cost driver. Thus, there is a cause-and-effect relationship between the activity and costs.
Some companies use a single cost driver to allocate manufacturing overhead. However, companies often have many cost drivers. Activity-based Costing was developed in the 1980's to better measure costs by taking multiple cost drivers into consideration.
—
Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD.
Edspira’s mission is to make a high-quality business education accessible to all people.
—
SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS & OTHER FREE GUIDES
—
MICHAEL’S STORY
—
LISTEN TO THE SCHEME PODCAST
—
CONNECT WITH EDSPIRA
—
CONNECT WITH MICHAEL
—
HIRE MCLAUGHLIN CPA
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