There are different ways to calculate labor efficiency, I normally use "total hours paid divided by total yielded productivity" This will give u an idea of the gap in efficiency. Thanks, Farhan
Productivity is best defined as work that produces goods or services of value. It is often measured by the amount of output produced per unit of input, such as the number of goods produced per hour of labor. It can also refer to the efficiency with which resources, such as time and materials, are used to achieve a desired outcome.
the definition of labor and economic
Fruits of labor, Well if you are talking about labor as work. This mean, you will be know as how well or how bad you do your job.
When used in context of labor, ILO most likely stands for International Labor Organization. The ILO is an agency of the United Nations that deals with various international labor issues.
Yes, the word 'labor' is both a verb and a noun.The noun 'labor' is a singular, common, abstract noun; a word for physical or mental exertion; a word for a thing.Examples:Here on Earth, we labor for our food and shelter. (verb)The wealth of a plantation was earned by the labor of slaves. (noun)
If indirect labor change with the change of units of product then indirect labor is a variable cost. If change in the quantity of units has no impact on indirect labor cost then it is a fixed cost.
Would overhead include indirect materials and indirect labor?
Indirect labor is part of overhead costs and included in total product cost.
Indirect labor
Indirect labor is that kind of labor which is not directly involved in making of unit of product that's why it is not a direct labor and that's why it is not prime cost of unit of product and that's why it is shown in overheads
Define direct and indirect labour?"
Prime cost = direct materials + direct laborwhile conversion cost = direct labor + factory overhead( which includes indirect materials, indirect labor and other indirect costs
Direct material and direct labor are the parts of prime cost while indirect labor is part of manufacturing overhead and manufacturing overhead is a part of conversion cost that's why indirect labor is not part of prime cost because it is that type of labor which is not directly identifiable with units production that;s why cannot charge directly to production units.
60 %
It is a variable cost!!
Indirect labor is considered a period cost because it can't be traced by to the product. If a cost can be traced back to a product, then it is considered a product cost.
Direct labor cost is that labor which directly related with manufacturing of products like machine workers etc while indirect labor cost is that labor cost which directly not manufacturing product but required as well like line mangers or factory supervisors salary etc.