Direct Labor Cost

Direct Wages
Direct wages refer to the payments made to laborers who are directly involved in the production process of a good or service. These wages are part of the direct labor costs and play a crucial role in cost accounting and financial analysis.
Production
Production refers to the processes and methods employed to transform inputs (like raw materials, labor, and machinery) into finished products or services. The volume of production can be quantified in units, direct labor hours, machine hours, or direct labor costs.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.