7 Labour Costing Idle Time Normal vs Abnormal ICAI Illustration 1 By Saheb Academy

Labour costing course, in this course we will learn about Labour costing, including methods to accurately determine the cost of labour, which includes wages, salaries, and additional benefits. We will explore various costing methods such as time-based, piece-rate, and performance-based remuneration, understanding their implications on financial statements and cost control. We will delve into the principles of allocating labour costs to products or services, and how to manage and monitor these costs effectively. Participants will learn how to handle direct and indirect labour costs, and the impact of different remuneration methods on overall productivity and profitability. The course also covers practical aspects like tracking labour costs, managing overtime, and applying cost control measures to optimize financial performance.