/ Dictionary Meaning of actual cost Find definitions for: ac'tual cost' Pronunciation: [key] the cost of a product based on incurred costs of material and labor required in its production. Cf. standard cost. Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease. actual actualism Related ContentDaily Word Quiz: opprobriumAnalogy of the Day: Today's AnalogySpelling Bee: Today's Spelling BeeKids' Word Quiz: preparatoryCrossword: Crossword Puzzle GuideFrequently Misspelled WordsFrequently Mispronounced WordsEasily Confused WordsWriting & Language