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Define Job-costing system?
A system of cost accumulation where there is an identifiable activity for which costs may be collected. The activity is usually specified in terms of a job of work or a group of tasks contributing to a stage in the production or service process
Define prime cost?
Prime cost of production is equal to the total od direct materials, direct labour and other direct costs
Define production overhead costs?
Comprises indirect materials, indirect labour, and other indirect costs of production
Define total production cost?
COmprises prime cost plus production overhead cost