Answer
Direct material costs are the costs to acquire all materials that will become part of the cost object (work in process and then finished goods) and can be traced to the cost object in an economically practicable manner.
Direct manufacturing labor costs include the compensation of all manufacturing labor that can be attributed to the cost object (work in process and then finished goods) in an economically practicable manner.
Manufacturing overhead costs are all manufacturing costs that are related to the cost object (work in process and then finished goods) but cannot be traced to that cost object in an economically feasible way.
Prime costs are all direct manufacturing costs (direct material and direct manufacturing labor).
Conversion costs are all manufacturing costs other than direct material costs.
Work Step by Step
Direct material costs are the costs to acquire all materials that will become part of the cost object (work in process and then finished goods) and can be traced to the cost object in an economically practicable manner.
Direct manufacturing labor costs include the compensation of all manufacturing labor that can be attributed to the cost object (work in process and then finished goods) in an economically practicable manner.
Manufacturing overhead costs are all manufacturing costs that are related to the cost object (work in process and then finished goods) but cannot be traced to that cost object in an economically feasible way.
Prime costs are all direct manufacturing costs (direct material and direct manufacturing labor).
Conversion costs are all manufacturing costs other than direct material costs.
