labor

(noun)

Effort expended on a particular task; toil, work.

Related Terms

Examples of labor in the following topics:

  • Components of Inventory Cost

    • Labor, including associated costs such as payroll taxes and benefits, and
    • Labor costs include direct labor and indirect labor.
    • Indirect labor costs are the wages paid to other factory employees involved in production.
    • Labor costs may be allocated to an item or set of items based on timekeeping records.
    • Where labor hours are used, a burden rate or overhead cost per hour of labor may be added along with labor costs.

  • Ethical Considerations

    • Business ethicists differ in their orientation towards labor ethics.
    • Some assess human resource policies according to whether they support an egalitarian workplace and the dignity of labor.

  • Conducting a Physical Inventory

    • For instance, inventory services provide labor and automation to quickly count inventory and minimize shutdown time.

  • Operating Expenses, Non-Operating Expenses, and Net Income

    • Everything else is a fixed cost, including labor.

  • Cost of Goods Sold and Gross Profit

    • Costs of goods made by the business include material, labor, and allocated overhead.

  • Costing Methods Overview

    • Note that a manufacturing business's inventory will consist of work in process, or unfinished goods, and finished inventory; the costs of unfinished and finished inventory contain a combination of costs related to raw materials, labor, and overhead.

  • Preparation of the Income Statement

    • It includes material costs, direct labor, and overhead costs (as in absorption costing), and excludes operating costs (period costs), such as selling, administrative, advertising or R&D, etc.
    • SGA is usually understood as a major portion of non-production related costs, in contrast to production costs, such as direct labor.

  • Uses of Financial Reports

    • Employees need these reports in making collective bargaining agreements with the management, in the case of labor unions or for individuals in discussing their compensation, promotion, and rankings.

  • The Disclosure Process

    • It may also include recent events, competition, regulations, and labor issues.