On which software you do costing how good you are in excel? How do you determine cost of the item? What factors you need to consider to determine price of the item? Current market rates for material?

Question

Accepted Answer

I use Excel for costing and consider factors like material cost and current market rates to determine item price.

I am proficient in Excel and use it for costing.
To determine the cost of an item, I consider factors like material cost, labor cost, overheads, and profit margin.
I also take into account the current market rates for the materials used in the item.
For example, if I am costing a piece of furniture, I would consider the cost of wood, hardware, labor, and overheads, and then add a profit margin to determine the selling price.
I regularly review and update my costing methods to ensure accuracy and competitiveness.

Asked in Lloyds Engineering Works Limited

On which software you do costing how good you are in excel? How do you determine cost of the item? What factors you need to consider to determine price of the item? Current market rates for material?

Interview Questions Asked to Estimator at Other Companies