Direct Cost - Directly traceable cost, Indirect cost - Not directly traceable cost, Overtime premium -         It is the extra paid above the normal  rate  for those overtime hours, Overtime rate -      It is the total amount paid for hours worked  above the normal number of hours, Labour Cost - The cost will depend on the remuneration (payment) system used by an organisation for  example: annual salary,  hourly  rate and overtime or overtime payments.    ,

Labour Cost - Management Accounting - Elements of Costing - AAT 2 & 3

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