How would a marketing professional or a non-accountant manager benefit from knowing the cost of the...
How would a marketing professional or a non-accountant manager benefit from knowing the cost of the company's goods? Why is this important?
Homework Answers
Answer
A marketing professional or a non accountant manager really
benefit from knowing the cost of the company's good because most of
their decisions depend on it.
Moreover, one need to know how much its product costs.
It is important because:
--It helps in establishing cost control measures.
--It facilitates Standard costing process.
--It helps in absorption costing and marginal costing.
--It guides the marketing professional/non accountant manager to
set proper selling price for that good.
--Adequate markup can be added once the cost is known.
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