Costing Analyst Interview Questions and Answers

Excel costing process involves calculating net RM cost, conversion cost, and overheads.

• Net RM cost calculation involves determining the cost of raw materials used in production.

• Conversion cost calculation involves determining the cost of converting raw materials into finished products.

• Overhead costs include indirect expenses such as rent, utilities, and salaries.

• Excel can be used to create formulas and templates to automate the costing process.

• Costing analysis can help identi...read more

Zero-based costing is a method of cost accounting that involves starting from scratch and justifying every expense.

• Involves analyzing and justifying every expense from scratch

• Helps identify unnecessary costs and prioritize spending

• Used in industries such as manufacturing, healthcare, and retail

• Example: Analyzing the cost of materials, labor, and overhead for a stamped part

• Can lead to more accurate cost estimates and better decision-making