Manufacturing Flashcards by Nicholas Schreiber

Q

Total Costs

A

Prime Costs + Overheads

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Q

Prime Costs

A

Direct Labour + Direct Materials

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Q

Overheads

A

all other factory expenses

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Q

NB for labour amounts

A

Always add all contributions

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Q

Break-even Point formula

A

BE = Fixed Costs / (SP/u - VC/u)

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Q

Fixed Costs

A

Admin costs + Factory Overheads

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Q

Variable Costs

A

Prime Cost + Selling/Distribution Cost

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Q

What happens when units increase

A

Fixed cost per unit decreases
Total variable cost increases

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Q

Production Cost Statement

A

Learn format of statement + notes from textbook

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