XYZ Corp uses machine hours as a base to apply MOH. Annual MOH costs for its jobs are expected to be $2,050,000. The company used 1,000 hours of machining on Job E1701. Actual total MOH costs incurred for the period were $2,100,000. The expected number of machine hours for the year was 20,000. What amount of MOH should be applied to Job E1701

In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward. Let us see the features of labour as a factor of production.

Explanation:

Resources required for generation of goods or services, generally classified into four major groups:

Land (including all natural resources),

Labor (including all human resources),

Capital (including all man-made resources), and.

Enterprise (which brings all the previous resources together for production).