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Allowing for profit and attendance in the prime cost sum is important because it provides a comprehensive view of the total costs associated with producing goods or services. Profit represents the return on investment and is essential for the sustainability of a business. Attendance factors in the labor costs required to produce the goods or services, ensuring that all expenses are accounted for in determining the prime cost. By including profit and attendance in the prime cost sum, businesses can accurately assess their financial performance and make informed decisions for future operations.
What else can I help you with?
What is difference between sales and prime cost?
gross profit
What is the difference between prime cost and work cost?
Prime Cost has two meanings in construction. 1) Prime cost is the sum of all of the specialist works and specialist materials from nominated sub-contractors (NSC) and suppliers on site. The main Contractor can place a % profit and attendance on NSC, this must be adjusted in the final account. This is a Prime Cost as referred to in the Bill of Quantities 2) Prime cost in regards to a contract is the sum of all the major works which the Main Contractor must produce under the contract. Maybe knowing this will help you see the difference? I have never heard the phrase "work cost" to compare with prime cost.
What are the objective of operating cost?
To seperate the cost of production from profit to allow analysis like ROI (Return on Investment), cost vs benefit, and cost reducing production improvements.
How do you get a cost price and a markup if you know the selling price and profit?
Selling price less profit equals cost price. The markup is the profit plus cost price.
What is the farmula profit?
fomula for profit is Sell price - Cost price= profit
What is difference between sales and prime cost?
gross profit
What is the difference between prime cost and work cost?
Prime Cost has two meanings in construction. 1) Prime cost is the sum of all of the specialist works and specialist materials from nominated sub-contractors (NSC) and suppliers on site. The main Contractor can place a % profit and attendance on NSC, this must be adjusted in the final account. This is a Prime Cost as referred to in the Bill of Quantities 2) Prime cost in regards to a contract is the sum of all the major works which the Main Contractor must produce under the contract. Maybe knowing this will help you see the difference? I have never heard the phrase "work cost" to compare with prime cost.
What is prime cost sum in construction?
The term "Prime Cost Sum" shall mean a sum provided for work or services to be executed by a Nominated Sub-contractor or for material s or goods to be obtained from a Nominated Supplier. Such sum shall be deemed to be exclusive of any profit or attendance required by the Contractor and provision shall be made for the additional thereof.
Will you lose your federal loans if you get private loans?
Some private loans allow you to borrow up to the cost of attendance minus other financial aid. Abusing this type of loan to borrow more then the cost of attendance may result in loss of other financial aid and/or being put in default on your student loans. Some private loans allow you to borrow up to the cost of attendance, without considering your other aid. Know the terms of the loan before you apply.
What are the objective of operating cost?
To seperate the cost of production from profit to allow analysis like ROI (Return on Investment), cost vs benefit, and cost reducing production improvements.
How do you get a retail price if you have the gross profit percent and cost?
Add the profit margin (cost*profit%) to the cost. Add the profit margin (cost*profit%) to the cost. Add the profit margin (cost*profit%) to the cost. Add the profit margin (cost*profit%) to the cost.
Sell price is 2602.58 cost price is 2090.42 what is the profit?
The basic formulas for profit are represented as follows: Profit = Price - Cost % Profit = Profit / Cost So, if an item sold for 2,602.58 and cost 2,090.42, the profit (absolute) is : Profit = 2,602.58 - 2,090.42 = 512.16 The % profit (relative to the cost) is: % Profit = 512.16 / 2,090.42 = 24.5%
How do you calculate Selling Price if you know Cost price and Profit percentage?
profit can be calculated from profit percentage and cost price.profit percentage=profit*100/cost price.profit=selling price-cost price
What is the selling price of a jacket that is 156 the profit is 30 percent of the cost what is the price?
Selling price = Cost + Profit= Cost + Cost*30% = cost*(1.30) = 156*1.3 = 202.80Selling price = Cost + Profit= Cost + Cost*30% = cost*(1.30) = 156*1.3 = 202.80Selling price = Cost + Profit= Cost + Cost*30% = cost*(1.30) = 156*1.3 = 202.80Selling price = Cost + Profit= Cost + Cost*30% = cost*(1.30) = 156*1.3 = 202.80
Why accounting profit is higher than economic profit?
First of all, we need to understand what is explicit cost and implicit cost. Explicit cost mean real expenses, while implicit cost mean opportunity cost. In accounting profit, we only minus explicit cost, while in economic profit we minus explicit cost and implicit cost. therefore accounting profit is higher than economic profit.
What is the profit?
fomula for profit is Sell price - Cost price= profit
Why is cost important in business?
because the lower the cost the more profit the business makes profit = revenue - cost
