Tag: labor

Brexit: Why should you care?

Britain’s exit from the EU, commonly nicknamed Brexit, is one of the most discussed issues over the past week; particularly when it comes to the financial implications of Brexit and how it impacts business.For the first time in its existence, the European Union (EU) has lost a country from its (previously) 28-country politico-economic union.  News reports have

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Removal Costs

See Also: Average Cost Agency Costs Fixed Costs Variable Cost Loan Term Removal Costs Definition Removal costs, defined as the costs of removing any physical material from the original location it was placed in, is an often forgotten cost. Despite this, it can have a huge effect on the finances of a company. Major manufacturing

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Product Costs

See Also: Economic Production Run (EPR) Product Pricing Strategies Bank Charge Completed Production Method Inventory Shrinkage Product Costs Definition Define product costs as the total costs of creating products, is an essential factor in the success of a manufacturing business. Some of these components include all direct costs, from raw materials to labor and even

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Manufacturing Cost

See Also: Activity-based Costing (ABC) vs Traditional Costing Absorption vs Variable Costing Average Cost Standard Cost Cost of Goods Sold (COGS) Absorption Cost Accounting Manufacturing Cost Definition Defined as the labor, material, and overhead costs in producing a finished product, manufacturing costs are the most significant factor in any manufacturing business. Manufacturing Cost Explanation Many

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Inventory Cost

See Also: How to Manage Inventory Inventory Turnover Ratio Analysis Days Inventory Outstanding Analysis Inventory to Working Capital Analysis Freight on Board (FOB) Inventory Cost Definition Defined as the total cost that a company experiences while holding inventory, inventory cost is often one of the most substantial factors in the success of a business. Inventory cost

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Direct Labor Variance Formulas

See Also: Direct Cost vs Indirect Cost Direct Labor Variance Analysis Cost Driver Direct Material Variance Formulas Direct Labor Variance Formulas Commonly used direct labor variance formulas include the direct labor rate variance and the direct labor efficiency variance. Below are the formulas for calculating each of these variances. Direct Labor Rate Variance Direct labor rate variance

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