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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.
The following standard costs were developed for one of the products of Ferrars Company: Standard Cost Card Per Unit Materials: 4 feet x $14.25 per foot $ 57.00 Direct labor: 8 hour
Vincent Ltd operates solely in Western Australia and the chief operating decision maker has identified five operating segments: Mining, Insurance, Retailing, Manufacturing and Tran
Variable costs are the cost that are directly proportionate with the quantity of manufacture and or directly associated with the service.
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