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T1W9 AI - EES

Calculating Labor Cost and Cost of Materials

TermDefinition
Cost of Materials is the total amount spent on all raw materials, parts, and supplies needed for a project.
Labor Cost is the payment for the worker's time, skill, and effort
Total Project or Service Cost The final amount charged to the customer.
Service Quotation A document that shows the estimated cost of materials, labor, and total charges to be presented to a customer before work begins.
Material Cost Quantity × Unit Price
Labor Cost (Hourly) Hours Worked×Hourly Rate
Labor Cost (Per Point) Number of Points×Rate per Point
Total Service Cost Material Cost+Labor Cost
Created by: Teacher Meow
 

 



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