Reference no: EM133188287

Questions -

(a) Define the following:

(i) Production cost

(ii) Manufacturing cost with at least five examples associated with this cost.

(iii) Costs of freight-in and cost of freight-out.

(b) A firm incurred the following costs in a year to manufacture 850,000 units of its single product: - Direct material costs: $1,350,000 - Direct wages for workers: $350,000 - Overheads (rent and general expenses): $950,000. Compute the prime, conversion, and total costs using appropriate equations as they may apply.