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Definition of Indirect labor
The cost of any labor that supports the production process, but which is
the time spent by individuals who work specifically
labor that is specifically incurred to create a product.
A federal Act creating standards of overtime
a cost that cannot be traced explicitly to a particular
A cost that is not directly associated with a single activity or event. Such
Costs that are necessary to produce a product/service but are not readily traceable to particular products or services – see overhead.
A method of preparing the operating section of the Statement of Cash Flows that does not use the company’s actual cash inflows and cash outflows, but instead arrives at the net cash flow by taking net income and adjusting it for noncash expenses and the changes from last year in the current assets and current liabilities.
A format for the operating section of the cash-flow statement that
For foreign exchange, the number of units of a foreign currency needed to buy one U.S.$.
Taxes paid by consumers when they buy goods and services. A sales tax is an example.
the number of hours actually worked minus the standard hours allowed for the production
The difference between the amount of time that was budgeted
Those people employed plus those actively seeking work.
Not laying off redundant workers during a recession to ensure that skilled and experienced workers are available after the recession.
(actual mix X actual hours X standard rate) - (standard mix X actual hours X standard rate);
labor rate variance
the actual rate (or actual weighted average rate) paid to labor for the period minus the standard rate multiplied by all hours actually worked during the period;
Labor rate variance
The difference between the actual and standard direct labor rates
labor yield variance
(standard mix X actual hours X standard rate) - (standard mix X standard hours X standard rate);
A costing methodology that only assigns direct labor and material costs
any factory or production cost that is indirect to
Overhead generally refers to indirect, in contrast to direct,
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