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How to Prepare A Direct Labor Budget with Example & Direct Labor Formula

How to Prepare A Direct Labor Budget with Example & Direct Labor Formula! The direct labor budget is used to calculate the number of labor hours that will be needed to produce the units itemized in the production budget. A more complex direct labor budget will calculate not only the total number of hours needed, but will also break down this information by labor category. The direct labor budget is useful for anticipating the number of employees who will be needed to staff the manufacturing area throughout the budget period. This allows management to anticipate hiring needs, as well as when to schedule overtime, and when layoffs are likely. The budget provides information at an aggregate level, and so is not typically used for specific hiring and lay off requirements. The direct labor budget is typically presented in either a monthly or quarterly format. The basic calculation used by the budget is to import the number of units of production from the production budget and to multiply this by the standard number of labor hours for each unit. This yields a subtotal of the direct labor hours needed to meet the production target. You can also add more hours to account for production inefficiencies, which increases the number of direct labor hours. Then multiply the total number of direct labor hours by the fully burdened direct labor cost per hour to arrive at the total cost of direct labor. If you have a material requirement planning software package that has a planning module, you may be able to load the production budget into the planning module and have it calculate the required number of direct labor hours, by position. Otherwise, you will have to calculate this budget manually. ________________________________ Accounting Video How to calculate GPA and CGPA? (Grade Point Average) | HD ►https://bit.ly/2D3moCb How to get A+ in an accounting class? ►https://bit.ly/2S3Kw1L Basic Accounting 📕in 10 ⏱ minutes 🎯 👌 ►https://bit.ly/2BgSIl0 Sales Budget: Definition & Examples ►https://bit.ly/2S3PZ8T How to Make Purchase budget? ►https://bit.ly/2GzPhcq Playlist Name and Links Study Tips https://bit.ly/2UxNdp7 ________________________________ Excel Tutorial How to Calculate Percentages in Excel ►https://bit.ly/2BeljYg How to Calculate Average (mean) In Excel ►https://bit.ly/2S4fuai XIRR, XNPV, XPI in Excel ►https://bit.ly/2TnESUS Calculate IRR in Excel ►https://bit.ly/2DQqbEI How to Calculate Age From Date of Birth in Excel ►https://bit.ly/2tc5AnT How To Calculate Compound Interest In Excel ►https://bit.ly/2BsxQY6 How to Add, Subtract, Multiply, Divide & Take Power in Excel ►https://bit.ly/2SIxTJc ________________________________ Social engagement: ★ Facebook: https://bit.ly/2TpH4v2 Don't forget to subscribe to us. Subscribe us:    / accountingplus   ♥ We are waiting for your feedback in comments. ♥ ♥ Thanks♥ ________________________________ #Budget #Directlaborbudget #DirectlaborCostbudget #Directlabor #directlaborcost #AccountingPlus