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What are Prime Cost items?

Anonymous

∙ 11y ago

Updated: 9/18/2023

Following are the prime cost items:

1 - Direct material

2 - Direct labor

Wiki User

∙ 11y ago

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Is variable overheads include in prime cost?

Direct labor and direct materials are the components of prime cost so no other cost is part of prime cost and hence variable overheads also not included in prime cost.

What is the formula to calculate prime costs?

Formula for Prime Cost = Material Cost + Labor Cost

Is the direct expense part of prime cost?

yes it is part of the prime cost

Is indirect cost a prime cost?

No

What is the formula for prime cost?

Formula for prime cost = direct material + direct labor

Related Questions

What is a PC item?

PC items are Prime Cost items eg bath, mirror, vanity, taps etc.

Which of these items has a type named after your first Prime Minister?

Patloon

Differntiate between prime cost and factory cost?

Prime cost is a subset of Factory cost. Prime cost consist of Direct material, Direct labour and Direct expenses. Factory cost = Prime cost + Production OH

Is variable overheads include in prime cost?

Direct labor and direct materials are the components of prime cost so no other cost is part of prime cost and hence variable overheads also not included in prime cost.

What is the formula to calculate prime costs?

Formula for Prime Cost = Material Cost + Labor Cost

Is the direct expense part of prime cost?

yes it is part of the prime cost

What is Prime Margin?

Sales minus Prime cost = Prime Margines. Direct material and direct labor are often referred to as prime cost.

Is indirect cost a prime cost?

No

What are the components of prime cost?

Direct labor and direct materials are the two main components of prime cost. Another component of prime cost is direct expense.

What is the formula for prime cost?

Formula for prime cost = direct material + direct labor

What is the cost of purchasing 10 items for the price of 2?

The cost of purchasing 10 items for the price of 2 is the same as buying 5 sets of 2 items, which would be the cost of 10 items.

Is a direct labor wages a prime cost?

Formula for prime cost is as follows: prime cost = direct material + direct labor So according to above mention formula yes it is prime cost because whitout labor no unit of product can be manufactured.

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