Accounting costs - the value of the spent resources in the actual prices of their acquisition Economic costs - as the value of other benefits that could be obtained with the most profitable of all possible alternative directions for using the same resources

Accounting profit is the difference between a firm's gross income (revenue) and its explicit costs. This profit is indicated in the financial documents of the company. economic profit is the difference between the gross income and the economic costs of the firm. This is income received in excess of normal profit, shows the entrepreneur's interest in this direction of the company's activity. 1. Cost concept

Calculation of accounting and economic profit (thousand rubles) Accounting calculation Economic calculation 1. Revenue 2. Explicit costs Including: a) raw materials and materials b) fuel and energy borrowed funds(1000) at the market rate of interest Implicit costs Including: a) the opportunity value of the entrepreneur's time b) the opportunity value equity(2000) at an annual interest rate Accounting profit (1-2) 5. Economic (net) profit (1-2-3)

1. The concept of costs According to the economic role in the production process, costs can be divided into: Basic - costs associated directly with technological process, as well as with the maintenance and operation of tools. Overhead - maintenance and management costs production process, implementation finished products.

1. The concept of costs According to the method of allocating costs for the production of a particular product, there are: Direct - these are the costs associated with the manufacture of only this type of product and are directly attributable to the cost of this type of product. Indirect costs in the presence of several types of products cannot be attributed directly to any of them and are subject to distribution indirectly.

A short-term period is considered to be a period of time when an enterprise cannot change its production capacities, but can change the degree of intensity of loading these capacities. The long-term period is a period sufficient to change the volume of all resources employed in production, including production capacities.

Fixed costs (fixed cost - FC) - costs that do not depend on the volume of output. Variable cost (VC) - costs that change with the volume of production. Gross total costs production (total cost - TC) are equal to the sum of fixed and variable costs: TC = FC + VC. 2. Fixed and variable costs

Average costs (AC - average cost) are calculated by dividing the costs by the volume of products produced (Q - quantity) Thus, you can calculate the average constants (AFC - average fixed cost), average variables (AVC - average variable cost) and average total (ATC - average total cost) costs:,.

Marginal cost and marginal productivity. The shape of the MC curve is a reflection and consequence of the law of diminishing returns. Marginal cost falls as the productivity of each unit of a variable resource increases, and rises as the productivity of each additional unit of a resource decreases. 3. Average and marginal costs

Relationship between average and marginal costs. The marginal and average cost functions are closely related. The MC curve (Fig. 4) intersects the AVC and AC curves at the points of their minimum values ​​(points A and B). 3. Average and marginal costs 4. Marginal and average costs

Average costs (ATS) of a boiler house for one apartment in a 100-apartment building: One house - TC = rubles, ATC 1 = 500 rubles; Two houses - TS \u003d rub., ATS 2 \u003d 300 rubles. Three houses - TS \u003d rub., ATS 2 \u003d 220 rubles. Connecting these houses requires an increase in costs, but the number of apartments is growing to a greater extent; Six houses TS \u003d rub., ATS 3 \u003d 240 rubles. For this house, the increase in costs is faster than the increase in the number of apartments.

Positive economies of scale: as the size of the enterprise increases, average costs decrease. The positive effect of scale is due to: - the growth of the size of the enterprise increases the possibility of using specialists in production and management; – large enterprises can use highly productive and expensive equipment; - large enterprise may develop side effects auxiliary production, produce products from the waste of the main production. 4. Scale effect

Negative economies of scale: as the size of the enterprise increases, average costs increase. Negative economies of scale arise: - with a decrease in the effectiveness of interaction between the company's divisions; - due to a decrease in the quality of control over the implementation of decisions of the company's management; -due to sharp growth costs for the transfer and processing of information; - due to possible differences in the interests of the company's divisions and the overall development strategy of the company. 4. Scale effect

Positive and negative economies of scale are factors that determine the structure of each industry. Industries where long-term AC reach a minimum with a very large output (LAS 1) - a natural monopoly industry. In industries where economies of scale are small and negative ones arise quickly, the effective size of the enterprise is determined by the small volume of production (LAC 2) - industries perfect competition. 4. Scale effect

Industries in which the positive effects of scale are exhausted quickly enough, and the negative one does not come into effect until a significant scale of production is achieved (LAC 3) can include both small and large firms - industries imperfect competition.. 4. Scale effect Questions and tasks for self-control 1. The total income of the Butter-cheese company is 90 million rubles. in year. The cost of raw materials and materials is 40 million rubles. The salary of employees is 30 million rubles. The salary of the company's managers (director, chief accountant and chief economist) is 60 thousand rubles. each month. Normal profit - 12 million rubles. Find the accounting and net income of the firm. The bonus for each manager at the end of the year is 10% of net profit.

Questions and tasks for self-control 2. Let's say the company produced 50 units of products to order at a price of 2800 rubles, and 20 units of products for a store at a price of 3250 rubles. Draw a graph of the firm's total income. How will the slope angle of TR be determined? An urgent order was received for 20 units at a price of 2700 rubles, equal to the cost of production. Is this order profitable if the store rent costs 7,000 rubles, and we can sublease it for 4,000 rubles?

3. If AVC decreases as output increases, then: a) MC must decrease; b) FC must be reduced; c) TS should be reduced; d) ATC must be lower than AVC; e) MC must be lower than AVC. 4. Which of the following expressions represents the total costs: a) ; b) VC - FC; c) FC + VC; d) AFC + AVC; e). Questions and tasks for self-control

Production costs and production costs

Lecture plan:

1. The concept of costs and production costs

2. Classification of production costs

1. The concept of costs and production costs

Economic and production activity at any enterprise is associated with the consumption of raw materials, materials, fuel, energy, with the payment wages, deduction of payments for social and pension insurance of employees, depreciation, as well as with a number of other necessary costs. Through the circulation process, these costs are constantly reimbursed from the company's proceeds from the sale of products (works, services), which ensures the continuity of the production process.

Costs are a monetary assessment of the cost of material, labor, financial, natural information and other types of resources for the production and sale of products for a certain period of time .

According to the reproduced sign, the costs of the enterprise are divided into three types:

- the costs of production and sale of products, forming its cost. These are current costs covered from the proceeds from the sale of products through the circulation of working capital;

- the cost of expanding and updating production. As a rule, these are large one-time capital investments for new or modernized products.

- expenses for socio-cultural, housing and other similar needs of the enterprise. They are not directly related to production and are financed from special funds, formed mainly from distributed profits.

Costs are the total various kinds costs of production and sale of products; is the monetary value of the cost production factors necessary for the enterprise to carry out its production and commercial activities.

All costs are taken as opportunity costs, which means that the cost of any resource chosen for production is equal to its value under the best use case. This is one of the most important principles market economy.

2. Classification of production costs

Opportunity costs fall into two categories:

Explicit (external, accounting)

Implicit (internal)

Explicit costs- direct payments to external (in relation to this enterprise) suppliers of production factors or opportunity costs, which take the form of cash payments to suppliers of production factors and intermediate products.

Explicit costs are fully reflected in financial statements enterprises and, in accordance with applicable law, are included in the cost of production and net (accounting) profit. Therefore, explicit costs are called accounting costs.

On the cost price products include the following types of costs:

material

Labor costs

Rental fee

Deductions for social needs

On the net profit enterprises include:

Financial assistance to employees

Expenses for voluntary medical insurance, financial risk insurance

Interest on overdue loans

Implicit costs- this is the opportunity cost of using resources that belong to the enterprise itself and are its property.

They reflect the use in production of resources belonging to the owners of the company: land, premises, their personal labor, intangible assets, etc., for which the company does not formally pay.

Implicit costs are determined by the cost internal resources, i.e. resources owned by the firm.

An example of an implicit cost for an entrepreneur would be the salary that he could receive while working for hire. For the owner of capital property (machinery, equipment, buildings, etc.), previously incurred expenses for its acquisition cannot be attributed to the explicit costs of the current period. However, the owner bears implicit costs, since he could sell this property and deposit the proceeds in the bank at interest, or rent it to a third party and receive income.

Entrepreneurs actually bear these costs, but not explicitly, not in cash, which allows them to be included in economic costs.

From the point of view of the dependence of costs on the volume of output, all economic costs are divided into two large groups – fixed and variable costs.

fixed costs- these are costs that do not depend on the volume of output (expenses for the operation of buildings, structures, equipment, administrative and management expenses, rent, payment of bank loans, social insurance contributions for managers, payment for security guards, etc.)

variable costs- these are costs that change with a change in the volume of production and sales (costs for the purchase of raw materials, materials, deductions for social insurance of workers, hourly payment labor, electricity, fuel, etc.)

The sum of fixed and variable costs is the total (gross) costs.

Distinguish:

• production costs are the costs directly associated with the production of goods or services
• distribution costs - the costs associated with the sale of manufactured products.

Along with the concept of "costs", the indicator of the cost of production is used as an identical indicator.

Cost price products (works, services) is a valuation of natural resources, raw materials, materials, fuel, energy, fixed assets used in the production process (works, services), labor resources, as well as other costs for its production and sale.

The cost price reflects the amount of current costs that are of a production, non-capital nature, ensuring the process of simple reproduction at the enterprise.

In a market economy, the cost of production is the most important indicator of the production and economic activities of the enterprise.

In Russia, until 2002, there was a basic list of costs included in the cost of production, determined by federal law.

Based on the Tax Code of the Russian Federation and the Regulations on accounting ministries, departments, intersectoral state associations, concerns and other organizations develop sectoral regulations on the composition of costs and methodological recommendations on planning, accounting and calculating the cost of products (works, services) for subordinate enterprises (firms).

In terms of the amount of costs taken into account (depending on the place of occurrence), the types of prime cost are:

• shop cost- includes costs for the production of products within the workshop - basic materials, taking into account the return of waste, depreciation of workshop equipment, wages of the main production workers of the workshop, social contributions, expenses for the maintenance and operation of workshop equipment, general workshop expenses
• production cost(finished product cost) - represents the sum of the workshop cost and general factory expenses (administrative, managerial and general business costs and auxiliary production costs)
• total cost(cost of sold, shipped products) - combines the production cost and the costs of its implementation (non-manufacturing costs).

Depending on the goals (accounting, planning, analysis), there are:

• planned cost- these are the maximum allowable costs that, at a given level of technology and organization of production, are necessary for the enterprise. It is determined at the beginning of the planning period based on the planned norms for the use of the active part of the main production assets, labor costs, consumption of material and energy resources and other planned indicators for this period.

• estimated and project cost- used in feasibility studies of projects for the implementation of scientific and technological progress, in assessing the effectiveness of measures for the reconstruction and technical re-equipment of an enterprise, pricing, etc.
• actual cost- reflects the degree of implementation of planned targets for cost reduction based on a comparison of planned costs with actual ones. It is determined at the end of the reporting period on the basis of accounting data.

Actual costs may deviate from planned costs. Savings will be created if the use of fixed production assets, labor and material resources is improved. The excess of the actual cost over the planned one can be observed in the initial period of development new products or when the performance of the enterprise deteriorates.

In addition, the cost of gross, commodity or products sold, the cost of comparable products, the cost of a unit of production.

The cost structure is specific gravity individual cost items to the total cost.

Their structure is formed under the influence of various factors: the nature of manufactured products and consumed material and raw materials, the technical level of production, the forms of its organization, location, etc.

The costs associated with the production and sale are divided into:

• material costs;
• labor costs;
• deductions for social needs;
• the amount of accrued depreciation;
• other expenses.

Material costs - the largest element of production costs, the share of which in the total cost can be 60-90%.

Material costs include fuel and energy spent on technological goals and household needs, purchased components and semi-finished products, the cost of containers and packaging, spare parts, deductions, taxes and fees associated with the use of natural raw materials.

Labor costs include wages of the main production staff, as well as non-staff employees related to the main activity.

Compensation includes wages calculated at rates, tariff rates, official salaries in accordance with the systems of remuneration adopted at the enterprise; the cost of products issued as payment in kind, allowances and surcharges; prizes for production results, payment of regular and additional holidays; the cost of free services; one-time seniority awards.

Deductions for social needs - compulsory deductions according to the norms, established by law state social insurance, to the Social Insurance Fund of the Russian Federation, Pension Fund of the Russian Federation, compulsory medical insurance funds against labor costs of employees included in the cost of products (works, services), under the element "Costs of labor" (except for those types of wages for which insurance premiums are not charged).

• Depreciation of fixed assets for their full recovery is included in the cost of production in amounts determined on the basis of the balance sheet value of funds and depreciation rates.

Part other expenses includes: taxes and fees, deductions to special funds, payment of interest on a loan, travel expenses, etc.

The grouping of costs by economic elements is also reflected in the cost estimate for the production and sale of products (works, services). This grouping of costs is important for the enterprise.

The estimated cost allows you to determine the total amount of various types of resources consumed by the enterprise. On the basis of the estimate, the sections of the production and financial plan of the enterprise are linked: for material and technical supply, for labor, the need for working capital etc. According to the cost estimate, the cost of commercial products is calculated.

However, on the basis of the elements of the estimate, it is impossible to determine the cost of a unit of output in the amount of the entire range, as well as each item, group, type. These tasks are solved by the classification of costs according to costing items.

Systematic cost reduction is the main means of increasing the profitability of the firm.

There are the following main directions for reducing production costs in all spheres of the national economy:

• use of the achievements of scientific and technical progress, - on the one hand, in a fuller use production capacity, raw materials and materials, including fuel and energy resources, and on the other hand - the creation of new efficient machines, equipment, new technological processes.

• improvement of the organization of production and labor - this process, along with cost savings by reducing losses in almost all cases, provides an increase in labor productivity, i.e. savings in labor costs.
• state regulation of economic processes through state programs in the field of scientific and technical progress and state standards.

1. Intra-production reserves to reduce the cost of production.

An increase in production at a constant cost of material and labor resources can only be achieved as a result of cost reduction. The development of a plan of organizational and technical measures for the use of intra-production reserves is based on the results of an analysis of their sources and factors. The most important sources are the reduction of material costs and the growth of labor productivity.

2. Technical and economic factors for reducing the cost of production

Raising the technical level is the process of changing the technical base, the growth of which is achieved as a result of:

• improving the means of labor (introduction of progressive technology, increasing the share modern equipment), objects of labor (introduction of progressive types of raw materials, materials, energy carriers);
• improving the use of raw materials, materials;
• implementation progressive technology, mechanization and automation of production processes.

The introduction of more productive equipment provides savings in wages (live labor) while increasing depreciation (past labor).

Improving the organization of production and labor affects the cost reduction as a result of the specialization of production, improving the organization of labor, improving the organization of production management, improving logistics and sales, better use of the time of machine operators, and reducing unnecessary costs.

Changes in production volumes affect semi-fixed costs, which, per unit of output, decrease as output increases (for example, a decrease in depreciation charges per unit of output with an increase in output).

Cost reduction from technical and economic factors is based on the reduction of current production costs per unit of output before and after the implementation of the plan of organizational and technical measures.

Thanks to

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Transaction costs Transaction costs, or interaction costs, are associated with making transactions or exercising property rights. The process of interaction between subjects requires huge expenses for finding business partners, concluding contracts, protecting property rights, etc.

Accounting Costs Accounting costs are the cost of resources used by a firm at their actual acquisition prices. These are the cash costs incurred by the company for the purchase of raw materials, materials, payment of wages, rent, depreciation of equipment, interest on a loan, etc. Accounting costs are past costs.

Opportunity costs (lost profits) Despite the importance of past costs for economic evaluation activities of the firm are of great importance the costs of future periods (opportunity costs). Opportunity costs are the costs associated with refusing to use certain alternatives of using resources to achieve the intended goals. The existence of opportunity costs is associated with limited resources.

Explicit and implicit (opportunity costs) Explicit costs are costs that take the form of cash payments to resource owners. They are determined by the amount of expenses of the firm for the purchase of factors of production. Implicit costs are the opportunity costs of using resources that are owned by the firm (such as land, equipment, and entrepreneurial talent) and take the form of forgone income due to their exploitation by the firm itself.

Accounting and economic costs Accounting costs = Explicit costs; Economic costs = Explicit costs + Implicit costs. In decision making, only economic costs matter. Their opposite is sunk costs.

Calculation of accounting and economic costs Name of costs Accounting costs Economic Wages of employees Interest payment Depreciation Other costs (raw materials, etc.) Implicit earnings of the farmer Implicit earnings of the wife of the farmer Implicit land rent Implicit % on capital TOTAL

Recoverable and Sunk Costs Recoverable costs are costs that a firm is able to recoup after going out of business. Sunk costs are expenses that the company is not able to recover in the event of termination of activities (the cost of registering a company, obtaining a license, etc.) Sunk costs do not have alternative application and therefore are not included in opportunity costs and are not taken into account in decision making.

TC, then the firm earns savings" title="(!LANG:Normal profit Normal profit is the income from the use of entrepreneurial talent. Normal profit occurs when the firm's total income = total economic costs (TR = TC). If TR > TC, the firm gets savings" class="link_thumb"> 15 !} Normal profit Normal profit is the income from the use of entrepreneurial talent. Normal profit occurs when the firm's total revenue = total economic cost (TR = TC). If TR > TC, then the firm earns economic profit. TC, then the firm earns savings"> TC, then the firm earns economic profit."> TC, then the firm earns savings" title="(!LANG:Normal profit Normal profit is income from the use of entrepreneurial talent. Normal profit occurs when firm's total revenue = total economic cost (TR = TC) If TR > TC, then the firm gets savings"> title="Normal profit Normal profit is the income from the use of entrepreneurial talent. Normal profit occurs when the firm's total revenue = total economic cost (TR = TC). If TR > TC, then the firm gets savings"> !}

Short-run costs of production In the short run, part of the resources remains unchanged, and part changes with a change in the volume of production. In accordance with this, the economic costs of the short-term period are divided into fixed and variable.

P - the firm is making a loss. If P > AVC, the firm should continue production; If P " title="(!LANG: Average cost and profit of the firm If ATC = P - the firm operates at normal profit; If ATC P - the firm suffers losses. If P > AVC - the firm should continue production; If P" class="link_thumb"> 21 !} Average costs and profit of the firm If ATC = P - the firm operates with a normal profit; If ATC P, the firm is incurring losses. If P > AVC, the firm should continue production; If P = AVC - the firm is indifferent to continue or stop production; If P P - the firm suffers losses. If P > AVC, the firm should continue production; If P "> P - the company suffers losses. If P> AVC - the company should continue production; If P = AVC - the company does not care to continue or stop production; If P P - the company suffers losses. If P> AVC - the company should continue production; If P " title="(!LANG: Average cost and profit of the firm If ATC = P - the firm is operating at a normal profit; If ATC P - the firm is incurring losses. If P > AVC - the firm should continue production; If P"> title="Average costs and profit of the firm If ATC = P - the firm operates with a normal profit; If ATC P, the firm is incurring losses. If P > AVC, the firm should continue production; If P">!}

AVC 1.5 > 1.4 - AFC = 0.2 the firm should TR=PxQ = 1.5x100=150 thousand continue The firm has decided to produce. discontinuation" title="(!LANG:Business Problem Example: Analysis: Q = 100k ATC = 160: 100 = 1.6 P = 1.5 AVC = 1.6 – 0.2 = 1.4 TC = 160 thousand P > AVC 1.5 > 1.4 - AFC = 0.2 the company should continue TR=PxQ = 1.5x100=150 thousand" class="link_thumb"> 22 !} Business Problem Example: Analysis: Q = 100k ATC = 160: 100 = 1.6 P = 1.5 AVC = 1.6 – 0.2 = 1.4 TC = 160k P > AVC 1.5 > 1.4 - AFC = 0.2 the firm should TR=PxQ = 1.5x100=150 thousand continue The firm has decided to produce. termination of production. AVC 1.5 > 1.4 - AFC = 0.2 the firm should TR=PxQ = 1.5x100=150 thousand continue The firm has decided to produce. termination of production"> AVC 1.5 > 1.4 - AFC = 0.2 the company should continue TR=PxQ = 1.5x100=150 thousand. The company has decided to discontinue production."> AVC 1.5 > 1, 4 - AFC = 0.2 the firm should TR=PxQ = 1.5x100=150 thousand continue The firm has decided to produce. discontinuation" title="(!LANG:Business Problem Example: Analysis: Q = 100k ATC = 160: 100 = 1.6 P = 1.5 AVC = 1.6 – 0.2 = 1.4 TC = 160 thousand P > AVC 1.5 > 1.4 - AFC = 0.2 the company should continue TR=PxQ = 1.5x100=150 thousand"> title="Business Problem Example: Analysis: Q = 100k ATC = 160: 100 = 1.6 P = 1.5 AVC = 1.6 – 0.2 = 1.4 TC = 160k P > AVC 1.5 > 1.4 - AFC = 0.2 the firm should TR=PxQ = 1.5x100=150 thousand continue The firm has decided to produce. termination of production"> !}

Marginal cost Marginal cost (MC) is the additional cost that a firm incurs when changing production per unit of output. According to the discrete marginal cost formula: MC = TC/Q = VC/Q; According to the continuous marginal cost formula: MC = TC(Q) = VC(Q). Marginal cost is the amount that a firm can directly control in producing one additional unit of output.

Long Run Costs In the long run, all resources are variable, so all costs are variable. Combining short-run cost curves that provide optimal production volumes for each volume of output, show the firm's long-run average cost curve - LATC.

Shape of LATC curves In the long run, the shape of LATC curves is determined by economies of scale. Positive economies of scale occur when ATCs decrease as output increases. The negative effect of scale of production implies an increase in ATC as output increases.

Coefficient of elasticity of production in terms of costs The quantitative indicator of the effect of scale in production is the coefficient of elasticity of production in terms of costs - Ec. Ес shows the percentage change in ATC with a change in output by 1%: Ес = МС/АТС If Ес = 1, i.e. MC = ATC, then there is a constant economies of scale; If Ec 1, then - a negative scale effect. 1, then there is a negative scale effect.">

Business Problem: Using LATC to Make Volume Decisions Q LTC LMC LATC A .0 5.00 B .0 4.50 C .0 4.00 D .0 3.75 E .0 4.00 F .0 4 .33

Conclusions from the table It can be seen from the data in the table that options A,B,C,D exhibit positive economies of scale, and options E, F- negative scale effect. If the firm chooses option A, then the lowest ATC will be = 5. If the firm chooses option C, then due to economies of scale, the potential for reducing ATC becomes significant, ATC = 4.

Productivity Curve The productivity curve is a line that shows the relationship between labor costs and additional units of output. Its negative slope indicates that unit incremental costs decrease as output increases because workers improve their skills.

Numerical example of a productivity curve unit Unit units of labor Cumulative work time Aggregate average working hours Unit labor costs Aggregate average labor costs,0 7855.1 6682.4 5575,