Cost on the Basis of Function
Prime Cost: It consist of all the direct expenses incurred in connection of production.
Factory Cost/ Work Cost: When prime cost is added with factory expenses (either fixed or variable) or work expenses (fuel, repairs, depreciation etc) it will give factory cost.
Office Cost/ Cost of Production: When factory cost is added with administrative expenses like salaries, office lighting etc then it is known as Office Cost.
Total Cost: When selling and distribution expenses are added to office cost then it is known as Total Cost.
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