Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA Lecture 04

Cost Accounting Lecture Sheet By Muhammad Nazrul Islam FCMA


102.04 Costing and control of Labor
Learning objects: Productivity and labor cost, Direct and indirect labor costs, Cycle of
Labor Costs, Methods or remuneration, Journalizing Labor Costs, Labor Turnover, Labor
Cost Control etc.
PRODUCTIVITY

Labor productivity may be defined as the measurements of production performance using
the expenditure of human efforts as a yardstick. Greater productivity can achieve by more
efficient production process, improved/ modern equipment and other factor that improves
the utilization of resources.
Cost Includes in labor
Total Labor cost:
a. Basic
b. Overtime
c. Bonus and earnings under incentive wages scheme
d. Other allowances (House rent, transport, Medical, Lunch etc.)
e. Fringe Benefits (Amounts paid by employers over and above gross wages.i.e. social
security, health and life insurance)





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