Please complete the highlighted portion and make sure what I have done so far is correct. Thank you!

11 : I .X II!!! !!!'' 2''''''' '''''''4''' ''' '' ''' ' ' Product Labor Costs You are making a new product. The cost of materials is $21.59. One person can assemble four per hour. You pay that person$12.50per hour. What is the labor cost for the product? Did you say that the answer is $12.50/4 or $3.125? Consider what that $ 12.50 per hour person really costs you. You pay 6.2% social security and 1.45% Medicare on the employee's pay. You have a 401K that you match 4% of the employee's pay (assume everyone participates in the 401K). Your workers' compensation insurance is $2.55 per $100 of payroll. The average paid vacation for your employees is three weeks. Everyone gets eleven paid holidays and ten paid personal days. All of your workers get two 20 minute paid breaks per day. Your facility works 5 days per week and 8 hours per day. You have done a study and have found that out of the remaining 7 hours 20-minute work day, your employees' efficiency is 77%. You do your best to operate with no overtime, but your overtime runs 5% (i.e., 5% of the hours worked in a year are on overtime and paid with a 50% premium). Your task is to create a spreadsheet to accurately cost the labor. Make the spreadsheet to allow easy costing of labor for other products. Product Costing The cost of materials is $21.59. One person can assemble four per hour. You pay that person $12.50 per hour. The cost of packaging is $1.50 and it takes 6 minutes to package the product. You pay the person that does the packaging $12.50 per hour. All other costs are included in manufacturing overhead that is charged at 50% of the product material and labor. What is the total manufactured cost of the product? Sales, general, and administrative cost is charged at 45% of the total manufactured cost. What is the total cost of the product? All products are required to sell at a minimum profit of 15%. What is the minimum selling price? Profit percentage is (Selling price - Full product cost)/Selling price. Did you get a minimum selling price of $81.68? You believe that you can sell the product for $104.59. What is the profit in dollars and percentage? The union at the manufacturing facility just negotiated a new contract based on the state new minimum wage. The new labor rate is $15.00 per hour. They also got an additional personal day. Overtime rate increases to 6%. What is the profit in dollars and percentage now at the $104.59 selling price? fx B IX, X G D18 - XV C D E F G 52 20 11 10 2.55 B 1 Weeks per year 2 Work days per week 3 Paid work hours per day 4 Break per day 5 break time minutes 6 worker efficiency 77% 7 Overtime percentage 5% 8 Overtime Pay multiplier 1.5 9 Average vacation weeks 3 10 Number of paid Hotday's 11 Number of paid personal days 12 Social Security Percent 6-20% 13 Medicare Percent 1% 14 Workers comp S/100 of payrol 15 401K Contribution 4.0% 16 Workers comp Percent of Payne 2.55% 17 Hourly rate Straight time 12.50 18 Paid days/year 260 19 Paid Hours per year 2080 20 Overtime hourly rate $ 18.75 21 Straight time Annually $ 26,000.00 22 Overtime hours 104 23 Overtime Pay multiplier $ 1,950.00 24 Total Paid to employee $ 27.950.00 25 Social Security Annual $ 1.732.90 26 Medicare Annual $ 405.28 27 Workers Comp $ 712.73 28 401K Contribution $ 1.118.00 29 Total cost for the employee $31.918.90 30 31 Paid Hours per year 2184 32 Weeks available after vacation 49 33 Days available Days available personal and 34 holiday 224 35 Hours available after breaks 7.333333333 Actual work time considering 36 efficiency 5.646666667 37 Productive hours/year 1264.853333 38 Actual hourly rate $ 25.24 245 40 Labor Cost Product Cost - Ready Clipboard ard Font Paragraph Insert Editing 1 ... ... ... ... ... ...2 ... 3.. ..4 .. . ... ... . . .. ...7 Product Cost - Excel Application Rubric Item Max Points If all correct Minimum Points if Incorrect If No, Stop and give the assignment a 0. If No, Stop and give the assignment a 0. 1. Is the file named correctly If yes, Proceed to 2 Lastname_StudentiD_ProductCost? 2. Did the student do his or her own lif yes, Proceed to 3 work? 3. Employee Pay correct 4. Employee Cost correct 5. Actual Work Days correct 6. Actual Work Hours correct | 10 7. Actual Hourly Cost correct 8. Total Manufactured Cost correct 9. Total Product Cost correct 10. Minimum Selling Price correct and in $ 11. Profit at $104.59 selling price 10 correct. 12. Profit at new Union Contract correct. Total 20 10 All students must submit their own work and create their own spreadsheet. Files that cannot be identified as the student's work will not be graded. The workbook must follow the naming convention given in the syllabus, which is Lastname_StudentlD_HomeworkID. Incorrectly named files will not be graded. All workbooks must be turned in on the correct Brightspace dropbox. Work turned in any other way will not be graded. 11 : I .X II!!! !!!'' 2''''''' '''''''4''' ''' '' ''' ' ' Product Labor Costs You are making a new product. The cost of materials is $21.59. One person can assemble four per hour. You pay that person$12.50per hour. What is the labor cost for the product? Did you say that the answer is $12.50/4 or $3.125? Consider what that $ 12.50 per hour person really costs you. You pay 6.2% social security and 1.45% Medicare on the employee's pay. You have a 401K that you match 4% of the employee's pay (assume everyone participates in the 401K). Your workers' compensation insurance is $2.55 per $100 of payroll. The average paid vacation for your employees is three weeks. Everyone gets eleven paid holidays and ten paid personal days. All of your workers get two 20 minute paid breaks per day. Your facility works 5 days per week and 8 hours per day. You have done a study and have found that out of the remaining 7 hours 20-minute work day, your employees' efficiency is 77%. You do your best to operate with no overtime, but your overtime runs 5% (i.e., 5% of the hours worked in a year are on overtime and paid with a 50% premium). Your task is to create a spreadsheet to accurately cost the labor. Make the spreadsheet to allow easy costing of labor for other products. Product Costing The cost of materials is $21.59. One person can assemble four per hour. You pay that person $12.50 per hour. The cost of packaging is $1.50 and it takes 6 minutes to package the product. You pay the person that does the packaging $12.50 per hour. All other costs are included in manufacturing overhead that is charged at 50% of the product material and labor. What is the total manufactured cost of the product? Sales, general, and administrative cost is charged at 45% of the total manufactured cost. What is the total cost of the product? All products are required to sell at a minimum profit of 15%. What is the minimum selling price? Profit percentage is (Selling price - Full product cost)/Selling price. Did you get a minimum selling price of $81.68? You believe that you can sell the product for $104.59. What is the profit in dollars and percentage? The union at the manufacturing facility just negotiated a new contract based on the state new minimum wage. The new labor rate is $15.00 per hour. They also got an additional personal day. Overtime rate increases to 6%. What is the profit in dollars and percentage now at the $104.59 selling price? fx B IX, X G D18 - XV C D E F G 52 20 11 10 2.55 B 1 Weeks per year 2 Work days per week 3 Paid work hours per day 4 Break per day 5 break time minutes 6 worker efficiency 77% 7 Overtime percentage 5% 8 Overtime Pay multiplier 1.5 9 Average vacation weeks 3 10 Number of paid Hotday's 11 Number of paid personal days 12 Social Security Percent 6-20% 13 Medicare Percent 1% 14 Workers comp S/100 of payrol 15 401K Contribution 4.0% 16 Workers comp Percent of Payne 2.55% 17 Hourly rate Straight time 12.50 18 Paid days/year 260 19 Paid Hours per year 2080 20 Overtime hourly rate $ 18.75 21 Straight time Annually $ 26,000.00 22 Overtime hours 104 23 Overtime Pay multiplier $ 1,950.00 24 Total Paid to employee $ 27.950.00 25 Social Security Annual $ 1.732.90 26 Medicare Annual $ 405.28 27 Workers Comp $ 712.73 28 401K Contribution $ 1.118.00 29 Total cost for the employee $31.918.90 30 31 Paid Hours per year 2184 32 Weeks available after vacation 49 33 Days available Days available personal and 34 holiday 224 35 Hours available after breaks 7.333333333 Actual work time considering 36 efficiency 5.646666667 37 Productive hours/year 1264.853333 38 Actual hourly rate $ 25.24 245 40 Labor Cost Product Cost - Ready Clipboard ard Font Paragraph Insert Editing 1 ... ... ... ... ... ...2 ... 3.. ..4 .. . ... ... . . .. ...7 Product Cost - Excel Application Rubric Item Max Points If all correct Minimum Points if Incorrect If No, Stop and give the assignment a 0. If No, Stop and give the assignment a 0. 1. Is the file named correctly If yes, Proceed to 2 Lastname_StudentiD_ProductCost? 2. Did the student do his or her own lif yes, Proceed to 3 work? 3. Employee Pay correct 4. Employee Cost correct 5. Actual Work Days correct 6. Actual Work Hours correct | 10 7. Actual Hourly Cost correct 8. Total Manufactured Cost correct 9. Total Product Cost correct 10. Minimum Selling Price correct and in $ 11. Profit at $104.59 selling price 10 correct. 12. Profit at new Union Contract correct. Total 20 10 All students must submit their own work and create their own spreadsheet. Files that cannot be identified as the student's work will not be graded. The workbook must follow the naming convention given in the syllabus, which is Lastname_StudentlD_HomeworkID. Incorrectly named files will not be graded. All workbooks must be turned in on the correct Brightspace dropbox. Work turned in any other way will not be graded