PRIME COST Definition

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PRIME COST is equal to the sum of DIRECT MATERIAL plus DIRECT LABOR.

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FREE TRADE ZONE (FTZ) is an area, usually a port of entry, designated by the country for duty-free entry of goods. As long as the goods do not go into the country from the FTZ, no duty is assessed. While in the FTZ, goods may be processed, packaged, serviced or displayed.

SHIPPING DOCUMENT is a document prepared when goods are shipped. It lists the date shipped, the customer, method of shipment, and quantities and specifications of goods shipped.

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