Distinguish prime cost from conversion cost

Reference no: EM131765113

Question 1: How would you define the following costs: direct materials, indirect materials, direct labour, indirect labour and factory overhead?

Question 2: Distinguish prime cost from conversion cost. Does prime cost plus conversion cost equal the total manufacturing cost?

Question 3: In what way does the accounting treatment of factory overhead differ from that of direct materials and direct labour costs?

Question 4: What are the distinguishing characteristics of variable, fixed and semi-variable factory overhead costs?

Question 5: What effect does a change in volume have on total variable, fixed and semi-variable costs?

Reference no: EM131765113

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