Enter the total cost of the work and the number of hours into the calculator to determine the cost per hour. This calculator can also calculate the total cost or time when given the other variables.
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Cost Per Hour Formula
The following equation is used to calculate the Cost Per Hour.
CPH = TC / T
- Where CPH is the cost per hour ($/hour)
- TC is the total cost ($)
- T is the total amount of time (hours)
To calculate the cost per hour, convert the units of time to hours, then divide the total cost by the number of hours.
What is Cost Per Hour?
Cost per hour is a term most often used in business to describe the cost to perform a specific task per unit of time. The unit of time, in this case, is hours.
How to Calculate Cost Per Hour?
The following example outlines the steps and information needed to calculate the Cost Per Hour.
First, determine the total time it took to complete the work. In this case, the amount of time that it took to finish the project was 8 hours.
Next, determine the total cost of the project. In this case, the customer was charged $4,000.00 for the project.
Finally, calculate the cost per hour using the formula above:
CPH = TC / T
CPH = $4000 / 8
CPH = $500 /hour