Sobirov Otabek Olimjonovich,

Doctor of Philosophy (PhD) in economic sciences, associate professor.

Department of Accounting and Auditing,

Namangan Institute of Engineering and Technology,

Namangan, Uzbekistan. Email: oosobirov@gmail.com

ORCID: 0000-0002-0415-0802


Abstract. One of the most urgent issues facing the economic entities today is the quality and cheapness of the products they produce. The quality and cheapness of the product largely depends on the raw materials and techniques and technologies used in production. In many ways, the cheapness of the products directly depends on the correct calculation of the cost. For this, it is important to constantly control the costs that make up the cost of the product. If we look at the economy of developed countries, manufacturing enterprises focus on the costs that cause the cost of production, and finally deviations in the cost of production are almost not observed. Also, the sale of manufactured products will have a very stable trend. In other words, the product does not remain unsold in the warehouse, it always has a buyer, it can be safely said that this is the result of constant cost control. In this article, the costs included in the production of products and their types, the rational and efficient use of available resources in production, as well as some important issues that affect the cost of the product are discussed in detail. It is also important to consider the issues of reducing the cost of production. Today, when starting production, if a product is made mainly from imported raw materials, the cost of this product will be relatively high [5]. In the future, it is possible to gradually reduce the cost of the product by gradually producing the raw materials of this product at the expense of local raw materials and its localization. Currently, this is one of the most pressing issues. Implementation of localization works creates opportunities for implementation of other important issues in the future. In addition to these aspects, scientific suggestions and practical recommendations for reducing the cost of manufactured products using modern innovation methods have been developed in our article.

Keywords. Product production, product cost, financial position, productivity, product type, workforce, strategic decisions, cost of sales, revenues, economic growth, business entity, responsibility centers, profit centers , investment.

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