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What else can I help you with?
Define and example of the prime cost?
the cost of the material and labor necessary to make a product ther for called prime cost e.g when ever u want to see only actual cost of products u just subtract these tow cost direct labour * Direct materila
Define cost price and selling price?
define cost and selling price
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
How do you define food cost?
FOOD COST- ($)COST YOU SPEND ON FOOD( WHICH IS ALOT) :D
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.
