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Direct and Indirect costs
Recall such direct costs are costs which can be traced particularly to the end product of the production procedure while indirect costs cannot be so traced.
- Direct costs have of costs such can be directly attributed to an exact product, output or level of activity. Direct costs include direct raw materials and direct labour named as prime costs also in aggregate.
"PRIME COST = Direct Material Cost + Direct Labour Cost"
- Indirect costs are costs such will not be directly attributable to a exact product. They are regarded like overheads. Identification of overheads to exact products is done by cost apportionment and allocation. They involve supervisors' rent, salaries, electricity, and depreciation of building.
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A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed c
Identify and explain many classification of costs for planning, control, performance evaluation and decision making.
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importance of marginal costing &standing costing
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