Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
piece rate system - labour remunerationhowever an employee is paid a fixed amount for all units produced irrespective of time in use the wages
time rate system - labour remunerationit may be a high day rate or a flat time rate under flat time rate all worker is paid for the time spend
methods of labour remunerationthere labour remuneration methods can be broadly classified into two factors asi time rate or on the basis of the time
time analysis - cost accumulationthis is generally achieved via having the employee complete a daily or weekly timesheet or via contain job cards or
time keeping - cost accumulationa labour cost control routine should ensure that payments are paid only to employees who have spent time at the work
classification of labour coststhis can be classified into likea indirect or direct costb variable or fixed costc non controllable and controllable
labour costsdefinition of labour costa labour cost refers to all the costs incurred in compensating the human resources used in the production
example of lifo fifo and weighted average method suppose the following purchases were made in abc ltd as likedate of purchase units
weighted average method this way is a perpetual weighted average system whereas the issue price is recalculated after one of receipt of stocks taking
last in first out or lifolifo is based upon the assumption such the stock purchased last is issued first stock valuation should here be based upon
first in first out or fifofifo method is based upon the assumption such stock purchased first is issued first prices of stock purchased first are
valuation of inventory or closing and issues stocksvaluation of inventory aims on attaching a monetary value in the issued or stores for production
example of economic order quantity the eoq model supposes- annual demand is recognized- hold costs are constant and recognized- ordering costs are
mathematical derivation of eoqlet cost per order is represented via co it is the cost incurred every instance one order is placedlet the economic
economic order quality or eoqdefine the model and the three methods of computing the eoq1 assumptions of the modelillustrationthe given information
stock control and its level management must formulate decisions regarding to the control of stock levels along with a view to minimizing the cost of
stores layout and location - material handlingthe layout of stores must ensure asa for movement of material ease of access out and in of storesb the
storage and issue of materiala number of questions are relevant in this control of materials throughout storage and question of materials these are
material handlingthe objective is to ensure about the goods are delivered to the right places at the right instance and in aright manner to ignore
determine when to stockit will be influence with the inventory system in place as given1 periodic order systemthe firm obtains a new order of the
determine how much to stock1 employ the economic order quantity modelthis is an easiest model which helps the manager to find out the optimum
commodities to stockemploy material requirement planningfrom the master production schedule the manager has determined such the products to be
inventory management and controlhere the objectives of inventory management are as1 to ensure adequate stocks to permit for continuous
material cost controltherefore materials form an important cost of output units and that should be controlled material control is more than
material costs - cost accumulationhowever materials refer to the tangible inputs into the procedure of producing useful output they might be