Type of costing method for a small business of construction
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What type of costing method would you choose for the small business of construction. Why?
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Solution Summary
The 271 word solution explains the concepts and presents examples to demonstate an appropriate method.
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For a small construction business, a job costing method would be the most useful, informative and accurate for purposes of measuring gross profit for a business.
In a job cost system, each order or job is assigned a specific identification number and all direct costs of that job are tagged to the id number.
Here are a couple of examples to demonstrate:
1. Your company repairs and installs HVAC (heating and ...
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