Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs.

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Presentation transcript:

Basic Costing Homework Recap

Basic Costing Chapter 5 Classifying Labour Costs

Objectives Identify different methods of recording labour Explain the 4 methods of paying employees and calculate gross pay using each method Prepare a wages control account recording all payroll transactions

Terminology - Reminder Gross Pay Net pay PAYE NIC

Ways of recording labour Attendance record Signing book Clock card Job costing Time sheets Job / Route cards Operation card (Piecework)

Ways of paying employees - Time rate / Day rate - Piecework - Salary - Bonus System

Lets try it! Osprey Fish Co. buys fresh fish for sale in supermarkets and distributes its products throughout the UK using its own fleet of delivery vehicles. From the information given in your handout calculate the GROSS PAY for each employee.

Wages Control Account Used to record all payroll costs. Items that make up the gross pay are posted separately to the wages control account.