Plant accountants factor labor cost to determine the effectiveness of their labor input. In order to determine the cost of a unit of production, it is necessary to add direct materials, direct labor ...

In production, labor is classified as either direct or indirect. The direct labor used is the number of labor hours worked by people who worked directly on the production of products. Knowing how much ...

With labor being the greatest risk in construction, a full understanding of labor components will provide the estimator with the ability to determine a project’s labor costs as accurately as possible.

Learn the basics of accounting for architecture firms relating to the Income Statement, or Profit & Loss Statement—including certain industry-standard KPIs that are essential to monitoring firm ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Investopedia / Ryan Oakley The cost of labor ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Touch labor refers to the hands-on aspects of production or the technical aspects of an organization's tasks or services. You can directly trace touch labor costs to a product. It is usually at the ...