What does actual cost mean?

actual cost meaning in Law Dictionary

The actual cost paid for goods by a party, in the case of a proper bona fulc purchase, and not the marketplace value of the products. Alfonso v. US, 2 Storv, 421, Fed. Cas. No. 188; US v. Sixteen Packages, 2 Mason, 48, Fed. Cas. No. 16.303: Lexington, etc.. R. Co. v. Fitchburg R. Co., 9 Gray (size.) 226.

actual cost meaning in Business Dictionary

a genuine quantity paid or incurred, in place of estimated expense or standard expense. In contracting, actual costs level includes direct labor, direct product, also direct fees.

Sentence Examples with the word actual cost

Thus the actual cost of conversion by the acid process is materially less than by the basic, but this difference is more than outweighed in most places by the greater cost of pig and scrap free enough from phosphorus to be used in the undephosphorizing acid process.

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