COST BY TRACEABILITY | PERIOD or PRODUCT or PERIOD | DIRECT MATERIAL, DIRECT LABOR or FACTORY OVERHEAD | PRIME or CONVERSION | DIRECT or INDIRECT |
1. Factory Electricity | Product | Factory Overhead | Conversion Cost | Indirect |
2. Advertising | Period | Not a Product Cost (N/A) | Not a Product Cost (N/A) | Not a Product Cost(N/A) |
3. Amortization of patent on Factory Machine | Product | Factory Overhead | Conversion Cost | Indirect |
4. Batteries for electric cars | Product | Factory Overhead | Conversion Cost | Indirect |
5. Office Supplies used | Period | N/A | N/A | N/A |
6. Wages of assembly workers | Product | Direct Labor | Prime and Conversion Cost | Direct |
FOR REFERENCE:
Direct Labor is prime cost and Conversion cost also.
Conversion Cost= Direct Labor + Overhead
Prime Cost= Direct Material + Direct Labor
hope you got answer, please comment for any clarification
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