Costing
This query is : Resolved
29 September 2014
what is the difference between prime cost and conversion cost?
29 September 2014
Prime costs are the sum of all direct costs such as direct materials, direct labor and any other direct costs.
Conversion costs are all costs incurred to convert the raw materials to finished products and they equal the sum of direct labor, other direct costs (other than materials) and manufacturing overheads.
Conversion costs are all costs incurred to convert the raw materials to finished products and they equal the sum of direct labor, other direct costs (other than materials) and manufacturing overheads.
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