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Why cost control is important?
Cost control is crucial for maintaining a company's financial health and ensuring profitability. By effectively managing expenses, organizations can optimize resource allocation, reduce waste, and enhance operational efficiency. This practice also enables businesses to set competitive pricing, respond to market changes, and invest in growth opportunities. Ultimately, strong cost control supports sustainable business practices and long-term success.
Machine hour rate?
A machine hour rate is the cost of one machine working for one hour. This is used in calculating overhead costs to work in process as opposed to using labor hours.
Where did the North get most of its labor?
Most of the labor in the North came from employer and employee relationships. The North did have slaves, but not nearly as many as in the South.
What are the Different types of cost with answers?
Direct cost. Indirect cost. Fixed cost. Variable cost.
The standard for comparison in a experiment?
The standard for comparison in a experiment is known as a control variable. This is useful to any experiment and serves as a reference point used to draw conclusions.
What is labor cost control procedure?
A procedure through which it is considered by keeping in view economics approach that the cost of labor does not increase its marginal product cost i.e. labor cost less than marginal cost.
What are the Techniques used for control of labor cost?
how cost planning techniques are used to control the costs of a construction project
How do you control labor cost in a hotel?
To control labor costs in a hotel, you can implement labor scheduling software to accurately forecast demand, cross-train employees to handle multiple roles, closely monitor overtime hours, and regularly review scheduling efficiency to ensure optimal staffing levels are maintained.
What is the importance of food cost control?
The importance of food cost control is to maintain profit margins for the business. In a restaurant food costs and labor are the highest expenses to the business.
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 average direct labor cost in manufacturing?
Average direct labor cost is the opening direct labor cost + closing direct labor cost / 2
What is the cost of replacing the body control module in your 2003 Saturn vue?
At the deal it'll cost about $650 for new module and labor to install and program it.
Unable to control price profitable producer faced with rising labor andor materials cost will?
The answer is: go bankrupt.
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.
Is direct labor cost a relevant cost?
If direct labor cost creates impact or influences the decision then it is relevant cost but if direct labor is not creating influence or changing in decision then it is irrelevant cost for example direct labor cost remain same irrespective of whatever the decision then direct labor cost is also irrelevant.
