pvn.1 The costs incurred by a small manufacturing entity are given below: Shs. Direct raw materials used 125,000 Direct labour incurred 75,000 Direct Expenses 50,000 Production overheads 60,000 Determine the prime cost for the year

pvn.1 The costs incurred by a small manufacturing entity are given below: Shs. Direct raw materials used 125,000 Direct labour incurred 75,000 Direct Expenses 50,000 Production overheads 60,000 Determine the prime cost for the year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

pvn.1

The costs incurred by a small manufacturing entity are given below: Shs. Direct raw materials used 125,000 Direct labour incurred 75,000 Direct Expenses 50,000 Production overheads 60,000 Determine the prime cost for the year

Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.

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