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Prime Costs
A calculation in cost accounting that signifies the sum of direct materials cost and direct labor cost.
Direct Materials
Specific raw materials that are traceable to the manufacturing process of a product, serving as an essential component in its production.
Indirect Materials
Materials used in the production process that cannot be directly linked to a specific product, such as lubricants for machinery.
Managerial Accounting
The method of pinpointing, quantifying, examining, and conveying fiscal data to management to achieve a company's objectives.
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