Prime Costs: Prime costs are those costs which are prime importance for making any product and include:
Prime Cost = Direct Material + Direct Labor
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the direct cost of a commodity in terms of the materials and labor involved in its production, excluding fixed costs.
direct labor
weapon system cost.
Prime cost = direct materials + direct laborwhile conversion cost = direct labor + factory overhead( which includes indirect materials, indirect labor and other indirect costs
Direct Labor.
contract, cost, lens, meridian, minister, mover, rate, rib, time, vertical