Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry

image text in transcribed
image text in transcribed
image text in transcribed
Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 12/52 - $421.615 rounded to $421.62 Hourly rate $421.62/40 - $10.540 rounded to $10.54 O.T. rate $10.54 x 1.5 - $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Paul Fritz produced 3,073 pieces in a 44-hour workweek and is paid 18% cents for every unit produced. Fritz earned overtime at a piece rate of one and one-half times the regular rate for all pieces produced during overtime hours. Of the total 3,073 pieces produced, 272 were produced in the 4 overtime hours. Fritz's total piecework and overtime earnings are as follows: 2,801 x $0.1875 $525.19 piecework earnings 272 pieces x $0.2813 ($0.1875 x 1.5) - $76.51 overtime earnings $525.19 + $76.51 $601.70 piecework and overtime earnings During the first week in November, Erin Mills worked 43.50 hours and produced 1,210 units under a piece-rate system. The regular piece rate is $0.39 a unit. Mills had agreed with her employer prior to the performance of the work that she would be paid one and one-half times the regular piece rate for all pieces produced during the overtime hours. Assume that her production totals for the week were 1,026 pieces during regular hours and 184 pieces during overtime hours. Compute the following amounts. Round your overtime rate to two decimal places and use the rounded amount in subsequent computations. Round the final answers to the nearest cent. a. The piecework earnings b. The overtime earnings c. The total earnings

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Clinical Audit In Pharmaceutical Development

Authors: Michael Hamrell

1st Edition

0367399334, 978-0367399337

More Books

Students also viewed these Accounting questions