What Do You Mean By Labour Costing?
Labour costing is the process of determining the total cost of the labour involved in the production or provision of goods or services. It involves calculating the direct and indirect costs associated with employing workers, including wages, benefits, taxes, insurance, and training. The purpose of labour costing is to help businesses understand the actual cost of their labour and to make decisions about staffing levels, process improvements, and pricing strategies to maximize profitability.