What is a labor hour?
Similarly, it is asked, what is Labour hour rate?
labour hour rate. a COST RATE which is used in ABSORPTION COSTING to charge the OVERHEADS of a department or COST CENTRE in the cost of a product or job. The overhead charge for any product or job will depend upon the number of labour hours required for its production. See also ABSORPTION.
Also Know, what is a person Week? Person-week means the equivalent of one person working a minimum of.
Similarly, you may ask, how do you calculate labor hours?
Calculate Labor Hours To find this number, divide the number of items produced by the number of hours it takes to produce it. For example, if it takes 10 hours to produce 10 items, it takes one direct labor hour to produce one finished product.
What is the difference between Labor and Labour?
Labor vs. There is no difference in meaning between labor and labour. Labor is the preferred spelling in American English, and labour is preferred throughout the rest of the English-speaking world. One exception: In Australia, the American spelling is used in reference to the Australian Labor Party.