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Subject Code : AURAAA-002
Country : Australia
Assignment Task

 

Overview

Determine variable costs

  • Variable costs are identified and calculated using data obtained from accounting records or supplier information
  • Required materials are estimated and recorded

 

Determine retail price of products and services

  • Previous sales figures and trends in turnover volume are reviewed
  • Competitors’ price for similar products or services is researched and reflected in final retail rate
  • Retail prices, margins and mark-ups for each product or service category are finalised according to workplace procedures

 

Determine variable costs

A business's variable costs are highly dependent on the nature of the particular business and are often unique from company to company. For example, a retail store will likely have variable costs related to inventory and more predictable overtime expenses during busy seasons.

Semi-variable costs are part variable and part fixed cost. Fixed costs are expenses that are the same from month to month, such as rent and insurance. Semi-variable costs fluctuate over time but have one or more components that do not change. For example, overtime expenses can differ between periods based on a business needs.

Examples of variable costs

  • Direct materials – e.g. the raw materials that go into a product
  • Production supplies – e.g. machinery oil consumed based on the amount of machinery usage
  • Billable staff wages – e.g. wages of casual employees
  • Commissions – e.g. commissions of salespeople
  • Credit card fees – e.g. credit card purchases from customers
  • Freight out – e.g. shipping cost

 

Determine retail price of goods

Know your costs:

You have to know how much your product costs. You also have to understand how much you need to mark up the product and how many you need to sell to break even and turn a profit.

 

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  • Posted on : May 21st, 2019
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