Life Cycle of Costing

Last Update July 23, 2021
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About This Course

Life cycle of costing is a method that records and accumulates the real costs and profits attributable to a cost item. This will mean monitoring costs and sales on a product-by-product basis. In any sector, costing is one of the most critical and fundamental knowledge fields. Profit is supposed to be the primary aim of every company, and profit is unquestionably a feature of cost. A company’s success is measured not only by its sales but, more importantly, by how it handles its costs. Businesses struggle due to unregulated prices, not a lack of sales. It is important to first consider the costs before attempting to regulate them. Items, procedures, structures, organizations, and operations all have costs. Students will gain a foundation in the skills required for further accounting studies, office work, and running their own company in this course. These skills are necessary for any student planning to major in business in college or enter the business world successfully. The course will help students gain a greater understanding of the value of accounting in running a successful business. It covers fundamental cost accounting principles and introduces students to methods for evaluating an organization’s performance and profitability

Learning Objectives

You will understand how gross profit method is applied in costing.
You will learn the physical measure of the manufactured product.
You will learn the method of calculating the cost of a product or enterprise.
You will learn the graph of cost which illustrates the relationship between total cost and output

Material Includes

  • 11 on demand videos
  • Downloadable exercise files
  • Lifetime Access
  • Certificate of Completion


  • No prior accounting knowledge is necessary to learn this course.
  • Basic fundamentals of Mathematics will help.

Target Audience

  • Finance students, managers, accountants or anyone who wants to upgrade their skill in the area of accounting.
  • Learn this course if you want to understand the principles and concept of costing.


11 Lessons1h



Constant Gross Profit Method

Physical Measure

Job Order Costing

Process Costing

Increased Pricing

Manufacturing Cost

Activity Based Costing

Life Cycle Costing

Cost of Patent


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71% off
All Levels
Duration 1 hour
11 lectures

Material Includes

  • 11 on demand videos
  • Downloadable exercise files
  • Lifetime Access
  • Certificate of Completion

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