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November 3, 2016 at 12:38 pm #347203
ryan32
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can we say direct material cost, direct labor cost, indirect cost these are all datas and its easily available on database, while prime cost or production cost these are informations as it comes thru processing those datas and also more meaningful to the managers.
November 3, 2016 at 5:13 pm #347252
John Moffat
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Possibly – but there is no strict rule about what turns data into information.
Simply adding up the costs to get the total cost is not really turning it into information.
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