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Daily Concept Booster Mechanical Engineering: Cost of Production

Cost of Production

Prime Cost

  • Prime cost is also called direct cost
  • It is the sum of direct material cost, direct labour cost and direct expenses

Factory Overhead

  • It is also called factory expenses.
  • It is the sum of Indirect material cost, indirect labour cost and indirect expenses.

Factory Cost

  • It is the sum of prime cost and factory overhead

Total cost

  • It is the sum of factory cost, marketing cost, advertising cost and transportation cost.

Selling Cost

  • It is the sum of total cost and profit

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Daily Concept Booster Mechanical Engineering: Cost of Production |_40.1

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Published by VINAYAK KUMAR

Graduated from BIT Sindri, Postgraduated from IIT BHU Varanasi

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