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What is the definition of labor ratios?
cost relationship between direct and indirect.
What is definition of prime cost?
The prime cost of a product is the direct cost which includes the materials and labor needed. This does not include the fixed costs attached to the material.
What is the definition of labor in economics?
the definition of labor and economic
What should the relationship of material cost to labor cost be?
multiply the cost of labor by the cost of materials. add the cost of labor and materials. subtract the cost of labor from materials. divide the cost of labor by the cost of materials. which one is correct
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
What is the direct labor cost if a company's direct labor is 40 percent of its conversion cost and the manufacturing overhead cost for the last period was 60000 and the direct materials cost was 30000?
60000 + 30000 = 90000 = 60% / 60 = 1500 = 1% x 100 = 150000 = 100% X .4 = 60000 The above solution is incorrect. By definition, the conversion cost is the sum of the direct labor cost and the overhead. Therefore, if we assume x is the conversion cost, then x = 0.4x + 60,000. The solution is conversion cost = 100,000. Hence, the direct labor cost = 40,000. Note that the knowing the direct material cost is not necessary for the computation of the labor cost. I am really bad at math so i just have to think you are right on this one
Which is best definition of cost-push inflation?
cost-push inflation is when prices increase as a result of increased production costs, labor and parts, even when demand remains the same.
What is the average direct labor cost in manufacturing?
Average direct labor cost is the opening direct labor cost + closing direct labor cost / 2
Definition of a predetermined overhead rate?
Predetermined overhead rate is that overhead rate calculated before start of production to allocate overhead costs to units of products by using some ratio in relation to some other cost like material cost or labor cost or labor hours etc.
What is the definition of Historical Cost?
what is the definition of historical cost
Is labor rates and labor cost are the same thing?
Rates is cost-per-hour, labor cost is the total, regardless of time.
When would you use direct labor as cost driver?
In labor intensive industry direct labor cost is used as cost driver.
