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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | PROFITABILITY OF MANUFACTURING COMPANIES IN NIGERIA AND STANDARD COSTING |
| Authors Name: | FATOKI JACOB OBAFEMI |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_192684
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| Published Paper Id: | IJNRD2305342 |
| Published In: | Volume 8 Issue 5, May-2023 |
| DOI: | |
| Abstract: | The study looked at the effect of standard cost on the cost of production for some Nigerian manufacturing businesses. The investigation is conducted using a sample of 147 respondents from around 26 manufacturing companies. The replies of the respondents to various questions that concern the value relevance of standard cost in cost control in their originations are analyzed using both descriptive and inferential statistics approaches. First, the study's findings demonstrate that, in contrast to some claims that typical cost approaches are out of style, roughly 85% of the manufacturing companies selected continue to use these methods for cost control throughout their various organizations. Once more, the analysis demonstrates that these manufacturing organizations chose to keep using standard cost because it is beneficial in lowering both raw material costs and organizational overhead costs. However, it seems out of style to apply standard cost to staff costs. It is advised that manufacturing organizations follow the example of those businesses that are reducing their costs through the application of standard costs and find a way to effectively apply it to labor costs. The researcher concluded that standard costing is extensively utilized in Nigerian manufacturing organizations and that it improves effective planning, control, and decision-making processes in the business. The deletion of unprofitable items, the provision of costing information, and cost control are all made possible by this standard costing for manufacturing enterprises. |
| Keywords: | Costs for standard items, raw materials, overhead, labor |
| Cite Article: | "PROFITABILITY OF MANUFACTURING COMPANIES IN NIGERIA AND STANDARD COSTING", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 5, page no.d304-d319, May-2023, Available :http://www.ijnrd.org/papers/IJNRD2305342.pdf |
| Downloads: | 000118749 |
| ISSN: |
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2305342 Registration ID: 192684 Published In: Volume 8 Issue 5, May-2023 DOI (Digital Object Identifier): Page No: d304-d319 Country: Ibadan City, OYO, Nigeria Research Area: Management Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2305342 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2305342 |
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ISSN: 2456-4184
Impact Factor: 8.76 and ISSN APPROVED
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