0
Prime cost is the cost of materials and labor involved in production of a commodity, excluding fixed costs. Overhead cost is the cost of on-going expenses, such as rent, utilities, and insurance. Overhead costs are one of the major factors in determining how a company charges for its service or product.
Still curious? Ask our experts.
Chat with our AI personalities
Rafa
Steve
Vivi
Add your answer:
Earn +20 pts
Difference between conversion cost and prime cost?
Prime cost is that cost component without which no production is possible while conversion cost is that cost which required to convert raw materials into finished goods like direct labor and overhead costs.
What is the difference between overhead cost and fixed cost?
Fixed cost is a cost that does not typically vary on unit production. On the other hand overhead cost is the summation of all variable cost.
What is the difference between variable overheads cost variance andfixed overheads cost variance?
Variable overhead cost variance is that variance which is in variable overheads costs between the standard cost and the actual variable cost WHILE fixed overheads cost variance is variance between standard fixed overhead cost and actual fixed overhead cost.
What is difference between sales and prime cost?
gross profit
The difference between variable factory overhead incurred and total standard variable factory overhead based on the actual quantity of the cost driver for applying the overhead is the?
cheatFAIL
