First cost

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first cost

[¦fərst ′kȯst]
(industrial engineering)
The sum of the initial expenditures involved in capitalizing a property; includes items such as transportation, installation, preparation for service, as well as other related costs.

First cost

The sum of the initial expenditures involved in capitalizing a property or building a project; includes items such as transportation, installation, preparation for service, as well as other related costs. In the context of a building, first cost includes land acquisition costs in addition to the cost of construction.
References in classic literature ?
Louis; which, in consequence of the expenses and risks of a long land carriage, were furnished them at an immense advance on first cost.
He was to furnish vessels, goods, provisions, arms, ammunition, and all other requisites for the enterprise at first cost and charges, provided that they did not, at any time, involve an advance of more than four hundred thousand dollars.
He was to give me ten dollar an acre for the clearin’, and one dollar an acre over the first cost on the woodland, and we agreed to leave the buildin’s to men.
Here are a few tips to reduce the first costs of a chilled water plant without reducing performance.
While some aspects of design have little or no first costs such as site orientation, others such as rightsizing infrastructure and mechanical systems can add considerably to a green project budget.
It also allows a facilities manager to use the most cost-effective solution for controlling churn costs, rather than a solution based solely on first costs.
This method of accounting assumes that the goods most recently purchased or produced are the first goods sold and, accordingly, that their associated costs are the first costs treated as costs of sale, Thus, inventory basis is built up in layers over time as ending inventories periodically increase over beginning inventories.
Durability, first costs, and maintenance were continuously considered by the project team as selections were made, never forgetting the vision of the hospital or the comfort of the patient.
Average payback due to energy savings can be 5-7 years and even lower if incentives or rebates are available to offset first costs.

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