How to calculate cost of manufacturing

We want to calculate cost of any manufactured item based on hourly timelog and workstation hourly costs, and show it as a report while comparing it with its order or bom cost to show profit/loss in particular order.

We also want to input daily log with date in the master form and from and to time and workstation and prodn order in child form.

Can you suggest how to achieve both.
Thanks in advance.

@arpanzen coming in version 5!

evaluate everything first, and then you got it