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One can set a timer to track hours of an employee and then apply those costs...

One can set a timer to track hours of an employee and then apply those costs to a job. Suggest some ways that this might be used on the job. What might be some issues related to using Job Costing?

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Answer #1

Time tracking can be used in the following ways:

1. Link the wages paid directly to the number of hours worked and fix an hourly wage rate.

2. Analyse labor productivity using standard costing by recording the actual number of hours worked as against the standard hours.

3. Any disputes with the employer can be easily resolved with proper time keeping.

Issues relating to using Job Costing:

1. This method is time consuming and costly.

2. Has more manual intervention and is more prone to errors.

3. Cannot be used for periods of inflation

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