Properly Account for Labor Costs Associated with Idletime, Overtime, and Fringe Benefits - Edubirdie

University:
Kentucky State University
Course:
ECO 301 | Microeconomics
Academic year:

2022
Views:

417

Pages:

4
Author:

vulcanism9v4

2-61 Learning Objective 8 (Appendix 2A) Properly account for labor costs associated with idle time, overtime, and fringe benefits. . 2-62 Idle Time Machine Breakdowns Material Shortages Power Failures The labor costs incurred during idle time are ordinarily treated as manufacturing overhead. . 2-63 Overtime The overtime premiums for all factory workers are usually considered to be part of manufacturing overhead. . 2-64 Labor Fringe Benefits Fringe benefits include employer paid costs for insurance programs, retirement plans, supplemental unemployment programs, Social Security, Medicare, workers’ compensation and unemployment taxes. Some companies include all of these costs in manufacturing overhead. Other companies treat fringe benefit expenses of direct laborers as additional direct labor costs. .

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