Labor Costing Formulas

June 18th, 2007 Comments off
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 LABOR COSTING FORMULAS

Gross pay

Hours worked x rate per hour or number of units produced x rate per unit

Halsey scheme

50% of time saved x rate per hour

Halsey Weir scheme

1/3 of time saved x rate per hour

Rowan scheme

(time taken/time allowed x time saved) x rate per hour

Time saved

time allowed – time taken

Labor turnover

Avg no of employees leaving who have to be replaced  x 100

average number employed

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Financial Accounting

 
 

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