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Bookkeeping

Understanding Prime Cost: A Key Concept in Cost Accounting

Prime costs determine the direct costs of labor and raw materials used in manufacturing a good. Indirect materials, electricity charges and salaries of engineer and supervisor are all indirect costs and have, therefore, been added together to obtain total manufacturing overhead cost. Prime costs are the direct costs of producing a product or service, which

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How to Calculate Beginning Work in Process Inventory

Once products are finished, they are accounted for in the value of final product inventory. During the interim, the value of the work in process is accounted for separately. Beginning work-in-process inventory involves determining the value of products that are in production but that have not yet been completed at the end of an accounting

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How to Calculate Beginning Work in Process Inventory

Once products are finished, they are accounted for in the value of final product inventory. During the interim, the value of the work in process is accounted for separately. Beginning work-in-process inventory involves determining the value of products that are in production but that have not yet been completed at the end of an accounting

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