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this is the study of labour which entails analysis and calculation of labour remuneration, recording of labour hours, introduction of incentives, recording of labour related cost and allocation of labour cost to products.
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What is the job costing and give you the example?
Labour costing. Material costing
What is the Batch Costing?
Batch costing means the cost of a product in which various rawmaterial is being used as input along with the labour involved & the electricity consumed in a batch.
What are the four different types of cost?
Job costing, batch costing and process costing job costing is used in a business where the production is made up of individual large jobs , each of which is different and has different inputs of materials and labour. batch costing is suitable for a business that produces batches of identical units, but each batch is for different units. process costing is the costing method applicable where goods or services result from a sequence of continuous or repetitive operations or processes.
How does one work out the cost of a product in detail?
One uses absorption costing taking into account direct and indirect materials labour and overhead.
When company shifts to abc costing and manufacturing overhead is based on direct labor hours do unit product costs of high volume products decrease and low volume products increase?
ABC Costing: Under this method costs varies according to activity so if high volume of product is produced then direct labour also utilized accordingly and manufacturing cost will be increase or decrease according to the utilization of direct labour hours.
Define process costing its types features applications?
Job Order Costing Operation Costing Normal Costing Actual Costing Standard Costing Kaizen Costing Target Cost
What is marginal costing and direct costing?
Marginal costing is a technique of costing where the variable expenses are charged to a product. It ignores the fixed expenses incurred by the business in fixing the price of a product on the assumption that the fixed expenses are not incurred in producing an additional unit.They are treated as period costs& charged directly to P& L A/C.Marginal cost is the cost of producing an additional unit of product.It takes the direct expenses & the variable portion of the overhead expenditure. But Direct costing takes into account only the direct expenses like direct mterials, direct labour & direct expenditure for finding out the cost of a product.
Is direct costing the same as variable costing?
Variable costing is called marginal costing while direct costing is separate concept.
What is budget costing?
Budgeted labour cost is an expected or standard labour cost to perform any activity. In budgeting process budgeted cost for doing every activity is calculated before so that it would be helpful in control or evaluation stage to check whether expenses are according to budget or not and if not then what's the reasons.
Is a hospital a job costing or process costing?
a job costing
What is the and purpose of Job Costing Process Costing?
outline the characteristics and purpose of: Job costing and process costing
What arer the problems caused by labor turnover?
Labour Turnover is the rate at which labour leaves the organisation or the rate at which new labour joins the organisation. Labour Turnover is usually expressed in terms of percentage and is an important tool under the various processes of Labour Costing.As said earlier, Labour Turnover is studied under Costing primarily. The other deprtment where it is studied is the Human Resource Department. Labour Turnover may or may not be in the favour of the company. The organisation may itself influence the Labour Turnover as dictated by its process of Man Power Planning.The problems associated with Labour Turnover are very predictable. These however arise only where the Labour Turnover is unfavourable to the organisation. Some problems can be:Increase in cost of operation.Decrease in productivity as the new people have to be trained.Delay in production.Change in work environment.Changes in Human Resource Principles, etc.
