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The costs incurred in the manufacture are classified into two.
1) Direct costs/prime costs. These are costs that one can easily associate with the product or one can easily identify in the product. They include
• Direct materials. These are the costs of raw materials that one can directly identify in product.
• Direct expenses. These are the costs which are directly experienced in the process of manufacture of a product.
• Direct labor. These are costs of labor associated with a product.
2) Indirect costs overhead. These are costs which cannot be easily identified in a product or associated with it. They include
• Indirect expenses. These are expenses which cannot be directly associated with the product. For example rent, water, power etc.
• Indirect labor. These are labor costs which cannot be easily associated with a product.
• Indirect materials. These are raw materials costs which cannot be easily identified in a product.
skilled writter answered the question on May 3, 2018 at 17:11
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