Chapter 1 Flashcards
1
Q
Product Costs:
A
Direct Material (DM) + Direct Labour (DL) + Manufacturing Overhead (MOH)
2
Q
Prime Costs
A
DM + DL
3
Q
Conversion Costs
A
DL + MOH
4
Q
Product Costs
A
Prime Costs + MOH
Conversion Costs + DM
5
Q
Direct Materials
A
traced convenitently to the manufacturing process (DL & DM)
6
Q
MOH
A
cannot be traced conviently to a specific products (MOH –> includes portion of raw materials ie Indirect Material & Indirect Labour)
