What is a Cost Function (Cost Accounting Tutorial #6)

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⌚Timestamps
0:00 - Introduction
0:10 - Cost Function Definition
1:14 - Cost Function Example
1:50 - Cost Function Components
2:15 - Forecasting Cost By Using Cost Driver Activity
4:57 - Calculating Slope for a Cost Function

Cost functions help us understand cost behavior and how to project costs. We cover the components of a cost function and show the relationship between cost driver and total cost. Remember that even though a cost function can have a fixed and variable component it can be solely fixed or variable also! Leave questions in the comments below :)

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