[Code of Federal Regulations]
[Title 48, Volume 1]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 48CFR31.201-1]

[Page 584]
 
            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM
              (This book contains chapter 1, parts 1 to 51)

                CHAPTER 1--FEDERAL ACQUISITION REGULATION
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PART 31_CONTRACT COST PRINCIPLES AND PROCEDURES--Table of Contents
 
          Subpart 31.2_Contracts With Commercial Organizations
 
Sec. 31.201-1  Composition of total cost.

    (a) The total cost, including standard costs properly adjusted for 
applicable variances, of a contract is the sum of the direct and 
indirect costs allocable to the contract, incurred or to be incurred, 
plus any allocable cost of money pursuant to 31.205-10, less any 
allocable credits. In ascertaining what constitutes a cost, any 
generally accepted method of determining or estimating costs that is 
equitable and is consistently applied may be used.
    (b) While the total cost of a contract includes all costs properly 
allocable to the contract, the allowable costs to the Government are 
limited to those allocable costs which are allowable pursuant to Part 31 
and applicable agency supplements.

[69 FR 17767, Apr. 5, 2004]