B Com Exam > B Com Videos > Cost Accounting > Labour Costing, Cost Accounting
Labour Costing, Cost Accounting Video Lecture | Cost Accounting - B Com
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106 videos|173 docs|18 tests
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FAQs on Labour Costing, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is labour costing in cost accounting? |  |
Ans. Labour costing in cost accounting refers to the process of determining and allocating the costs associated with employing and utilizing labor in the production process. It involves analyzing the various costs incurred in relation to labor, such as wages, salaries, benefits, and overhead expenses, and assigning them to specific cost objects or activities.
| 2. Why is labour costing important in cost accounting? | |
Ans. Labour costing is important in cost accounting as it helps businesses understand and control their labor-related expenses. By accurately determining the costs associated with labor, companies can make informed decisions regarding pricing, budgeting, and resource allocation. It also enables them to measure and evaluate labor efficiency, productivity, and performance, which are crucial for improving overall operational efficiency and profitability.
| 3. How is labour cost calculated in cost accounting? | |
Ans. Labour cost is calculated in cost accounting by multiplying the number of hours worked by the labor rate. The labor rate includes both direct wages or salaries paid to employees and any indirect labor costs, such as benefits and payroll taxes. Additionally, overhead expenses related to labor, such as employee training and supervision costs, are also included in the calculation to determine the total labor cost.
| 4. What are the benefits of using labour costing in cost accounting? | |
Ans. The benefits of using labour costing in cost accounting include:
1. Accurate cost allocation: Labour costing helps in accurately allocating labor costs to specific products, services, or projects, enabling businesses to determine their true profitability.
2. Cost control: By analyzing labor costs, companies can identify areas of inefficiency and take appropriate action to control and reduce labor-related expenses.
3. Performance evaluation: Labour costing allows businesses to measure and evaluate labor productivity, efficiency, and performance, enabling them to identify areas for improvement and make informed decisions regarding workforce management.
4. Budgeting and planning: Accurate labor cost information helps businesses in developing realistic budgets, making effective resource allocation decisions, and setting competitive pricing strategies.
5. Compliance: Labour costing ensures compliance with labor regulations and helps in accurately calculating employee benefits, payroll taxes, and other legal obligations.
| 5. What are some common challenges in labour costing in cost accounting? | |
Ans. Some common challenges in labour costing in cost accounting include:
1. Variability in labor costs: Labour costs can vary due to factors such as overtime, shift differentials, and employee turnover, making it challenging to accurately estimate and allocate costs.
2. Complex labor structures: Organizations with diverse labor structures, such as multiple job roles, skill levels, and pay scales, face difficulties in accurately capturing and assigning labor costs to specific cost objects.
3. Inaccurate time tracking: If time tracking systems are not properly implemented or employees do not accurately report their working hours, it can lead to inaccurate labor cost calculations.
4. Integration with payroll systems: Integrating labor cost data with payroll systems can be complex, especially when dealing with different wage rates, benefits, and tax regulations.
5. Lack of standardized processes: Without standardized processes for labor cost tracking and allocation, businesses may struggle to consistently and accurately determine labor costs, leading to financial inaccuracies and decision-making challenges.
Text Transcript from Video
hi friends this is the generation of
technology so we are I am almost others
decided why not use technology for the
sake of studies for the benefit of
students so we have compiled all the
critical points the basics of every
chapter rather the more importance at
one place in the form of a mobile app
which you can listen to it whenever you
want at your convenience
we thought according Wi-Fi knowing
doesn't require no 3G or 4G you just
have to download in you in a while and
you said to me at your convenience my
advice listened to all the chapters at
least twice a day till your birthday of
the exam and I'm definitely sure you
will be able to remember all the
critical points during the examination
so friends take this O'Meara use it and
score maximum box in your examination
issue all the best friends let us carbon
live at most three types of questions
that we asked number one computation of
net very stable you start weak rages the
others allowance bonus overtime all put
together will get what is called gross
wages then deductions less employees
want to be sure the problem front less
employees wonder which one to ESIC less
tedious provision text etc the final
amount is amount which we pay to the
employees this is called net wages paper
second computation of labor cost or
employee cost or wages cost
computational level cause or employee
cost or wages
you will start with gross wages here we
will add employer's contribution to
problems but again you'll add employer's
contribution to employer insurance
corporation total wages next effectively
power the question will ask you to
calculate the rate per our formula will
be total wages upon a 50 overs
portabella will be total wages on to the
labor cost upon effective us you will
get the rig for our how to calculate
effective hours formula total host -
normal idle arse photos of marinus
normal ida loves you will get
effectiveness now we come to the second
part available machine that is
calculation of labor the remuneration
there are various methods of calculation
of labour in region number one time
array system by the wages are failed on
the basis of number of hours worked for
Allah will mean actual laws in the
normal rate per hour so time rate system
formula will be actualized in the normal
range for our second piece rate system
given to three parts first one straight
piece trail system or the bridges are
made on the basis of units produced
formula units produced in the normal
rate per unit so spread peace layer
system units produced in the normal rate
per unit then we have Taylor's
differential piece rate system step
number one calculate normal rate per
unit
calculate standard units
now you'll compare the image produced
with the standard rates if it's produce
is less than standard that wages will be
diligent reduced in the normal rate per
unit came to 80 percent and the village
produced is equal to or more than
standard the radius will be units
produced in the normal rate per unit in
the 120 percent so there are two
categories as containers crack if the
actual units produces less than standard
units produce in the normal rate per
unit intuitive wisdom and in the unity
privileged is more than standard were
you are equal to standard units produced
in the normal rate per unit into 120 was
it
lyrics differential PC register step
number 1 calculate normal rate per unit
step number 2 calculating standard units
number 3 he order to one more
calculation what is called a level of
efficiency forever will be units
produced upon standard units in 200 you
will get the answer in percentage units
produced upon standard units in 200
equal to percentage
now you will compare the level of
efficiency if the level of efficiency is
up to 83% that wages will be units
produce at the normal rate per unit hit
100% if the level of efficiency is more
than every three percent up 200%
wages will be units produced hit the
normal rate per unit hit the 110 percent
having the level of efficiency is 100%
he will get wages units produced at the
normal rate per unit hit the 140 percent
so here we are having three categories
up to 83 percent about 83 percent up to
hundred percent and above hundred
percent in the first case units for use
normal will by need to help us a second
case units produced hit the normal rate
per unit into 110 percent and the third
case didn't reproduce here the Lord will
read for you it hit the 120 percent now
we come to the third part of labor force
that is calculation of bonus plans
wholesale orders flat step number one
calculate normal rate for our check
number to calculate standard time number
three calculate actual time which is
normally given the problem H is equal to
actual time in the normal rate per hour
plus bonus time saved in the normal rate
per our Hindu 15% wages will be given
money actual time the normal good Grod
plus bonus time sale in the normal grid
per hour hit the 50% second bonus plan
which is called a woman bonus fly
calculate normal rate for our uber to
calculate standard time number three
calculate actual time which is given in
the problem
number four radius is given by actual
time in the normal rate per hour plus
bonus all time series at a normal rate
per hour into actual time upon standard
time I repeat wages it will be given by
actual time here the doorman rate per
hour plus x here first normal rate per
hour into actual time upon standard time
Gant's task
bonus god step number one calculate
normal rate per our number to calculate
standard units if actual units produced
he is below standard in wages will be
actual horse at the normal rate per our
units produced is equal to standard
wages will be
after all get a normal red bra plus 20%
if it's produced is about standard then
wages will be units produced into high
Pisa rate which will be given the
problem thank you
technology so we are I am almost others
decided why not use technology for the
sake of studies for the benefit of
students so we have compiled all the
critical points the basics of every
chapter rather the more importance at
one place in the form of a mobile app
which you can listen to it whenever you
want at your convenience
we thought according Wi-Fi knowing
doesn't require no 3G or 4G you just
have to download in you in a while and
you said to me at your convenience my
advice listened to all the chapters at
least twice a day till your birthday of
the exam and I'm definitely sure you
will be able to remember all the
critical points during the examination
so friends take this O'Meara use it and
score maximum box in your examination
issue all the best friends let us carbon
live at most three types of questions
that we asked number one computation of
net very stable you start weak rages the
others allowance bonus overtime all put
together will get what is called gross
wages then deductions less employees
want to be sure the problem front less
employees wonder which one to ESIC less
tedious provision text etc the final
amount is amount which we pay to the
employees this is called net wages paper
second computation of labor cost or
employee cost or wages cost
computational level cause or employee
cost or wages
you will start with gross wages here we
will add employer's contribution to
problems but again you'll add employer's
contribution to employer insurance
corporation total wages next effectively
power the question will ask you to
calculate the rate per our formula will
be total wages upon a 50 overs
portabella will be total wages on to the
labor cost upon effective us you will
get the rig for our how to calculate
effective hours formula total host -
normal idle arse photos of marinus
normal ida loves you will get
effectiveness now we come to the second
part available machine that is
calculation of labor the remuneration
there are various methods of calculation
of labour in region number one time
array system by the wages are failed on
the basis of number of hours worked for
Allah will mean actual laws in the
normal rate per hour so time rate system
formula will be actualized in the normal
range for our second piece rate system
given to three parts first one straight
piece trail system or the bridges are
made on the basis of units produced
formula units produced in the normal
rate per unit so spread peace layer
system units produced in the normal rate
per unit then we have Taylor's
differential piece rate system step
number one calculate normal rate per
unit
calculate standard units
now you'll compare the image produced
with the standard rates if it's produce
is less than standard that wages will be
diligent reduced in the normal rate per
unit came to 80 percent and the village
produced is equal to or more than
standard the radius will be units
produced in the normal rate per unit in
the 120 percent so there are two
categories as containers crack if the
actual units produces less than standard
units produce in the normal rate per
unit intuitive wisdom and in the unity
privileged is more than standard were
you are equal to standard units produced
in the normal rate per unit into 120 was
it
lyrics differential PC register step
number 1 calculate normal rate per unit
step number 2 calculating standard units
number 3 he order to one more
calculation what is called a level of
efficiency forever will be units
produced upon standard units in 200 you
will get the answer in percentage units
produced upon standard units in 200
equal to percentage
now you will compare the level of
efficiency if the level of efficiency is
up to 83% that wages will be units
produce at the normal rate per unit hit
100% if the level of efficiency is more
than every three percent up 200%
wages will be units produced hit the
normal rate per unit hit the 110 percent
having the level of efficiency is 100%
he will get wages units produced at the
normal rate per unit hit the 140 percent
so here we are having three categories
up to 83 percent about 83 percent up to
hundred percent and above hundred
percent in the first case units for use
normal will by need to help us a second
case units produced hit the normal rate
per unit into 110 percent and the third
case didn't reproduce here the Lord will
read for you it hit the 120 percent now
we come to the third part of labor force
that is calculation of bonus plans
wholesale orders flat step number one
calculate normal rate for our check
number to calculate standard time number
three calculate actual time which is
normally given the problem H is equal to
actual time in the normal rate per hour
plus bonus time saved in the normal rate
per our Hindu 15% wages will be given
money actual time the normal good Grod
plus bonus time sale in the normal grid
per hour hit the 50% second bonus plan
which is called a woman bonus fly
calculate normal rate for our uber to
calculate standard time number three
calculate actual time which is given in
the problem
number four radius is given by actual
time in the normal rate per hour plus
bonus all time series at a normal rate
per hour into actual time upon standard
time I repeat wages it will be given by
actual time here the doorman rate per
hour plus x here first normal rate per
hour into actual time upon standard time
Gant's task
bonus god step number one calculate
normal rate per our number to calculate
standard units if actual units produced
he is below standard in wages will be
actual horse at the normal rate per our
units produced is equal to standard
wages will be
after all get a normal red bra plus 20%
if it's produced is about standard then
wages will be units produced into high
Pisa rate which will be given the
problem thank you
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Nov 15, 2024 Last updated |
Video Description: Labour Costing, Cost Accounting for B Com 2024 is part of Cost Accounting preparation.
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