Analysis of approaches to determining the cost of production

  • Anatolii Loishyn The National Defense University of Ukraine named after Ivan Cherniakhovskyi, 28, Povitroflotsky av., Kyiv-049, 03049, Ukraine https://orcid.org/0000-0003-2769-9336
  • Oleksandr Shevchenko The National Defense University of Ukraine named after Ivan Cherniakhovskyi, 28, Povitroflotsky av., Kyiv-049, 03049, Ukraine
  • Ivan Troyan The National Defense University of Ukraine named after Ivan Cherniakhovskyi, 28, Povitroflotsky av., Kyiv-049, 03049, Ukraine
  • Volodymyr Mazur The National Defense University of Ukraine named after Ivan Cherniakhovskyi, 28, Povitroflotsky av., Kyiv-049, 03049, Ukraine
Keywords: prime cost, the prime cost of production, elements of prime cost, the formation of prime cost

Abstract

The article is of interest to managers and scientists involved in the study of dealing with determining the cost of production in all economic activity areas, regardless of the organization’s ownership. The article has a theoretical nature and aims to generalize the current understanding of the formation of production costs. The article aims to analyse the production cost in further search for scientifically sound ways to clarify it. To achieve the article's goal, an analysis of many publications from the subject publication was conducted. A large number of scientific papers in this field have been established. The article analyses the components of product formation, briefly characterise them. It is determined that the cost of marketable products is calculated on the basis of cost elements reflected in the estimate. The question of the formation of the prime cost of production of the enterprise is investigated. It is determined that the cost of production is one of the most multifaceted indicators of economic activity of enterprises that characterises the work of enterprises and organisations. The article emphasises that the cost of products (services) comprehensively characterises the use of all enterprise resources of the enterprise, it is one of the most critical indicators of production efficiency at the enterprise, and it is reflected. The article is the starting point in a thorough study of the formation of production costs to improve the existing methodology of the subject area.

Author Biography

Anatolii Loishyn , The National Defense University of Ukraine named after Ivan Cherniakhovskyi, 28, Povitroflotsky av., Kyiv-049, 03049, Ukraine

PhD, Senior lector of Department of financial support

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Published
2021-03-25
How to Cite
Loishyn , A., Shevchenko , O., Troyan , I., & Mazur, V. (2021). Analysis of approaches to determining the cost of production. VUZF Review, 6(1), 106-112. https://doi.org/10.38188/2534-9228.21.6.11
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Articles