What are the important Terminologies in Product Costing?:

Results Analysis Key – This key determines how the Work in Progress is
calculated

Cost Components - The break up of the costs which get reflected in
the product costing eg. Material Cost, Labour Cost, Overhead etc

Costing Sheets - This is used to calculate the overhead in
Controlling

Costing Variant - For All manufactured products the price control
recommended is Standard Price. To come up with this standard price for
the finished good material this material has to be costed. This is done
using Costing Variant. Further questions down below will explain this
concept better.