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Direct labor variance or total labor variance The direct labor variance or total labor variance is the difference between the actual hours times the actual rate and the standard hours times the standard rate for labor.
Direct labor quantity standard The direct labor quantity standard is the time that should be required to make one unit of the product. This standard is especially critical in labor-intensive companies.
Direct labor price standard The direct labor price standard is the rate per hour that should be incurred for direct labor. This standard is based on current wage rates, adjusted for anticipated...
Direct labor budget The direct labor budget contains the quantity (hours) and cost to direct necessary to meet production requirements. The total direct labor cost is derived from the following formula.
Indirect labor Indirect labor refers to the work of factory employees that has no physical association with the finished product, or for which it is impractical to trace costs to the goods produced.
Direct labor The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is called direct labor.
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