Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem Instruction Unless instructed otherwise, compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal

Problem Instruction

Unless instructed otherwise, compute hourly rate 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, drop the third decimal place.

Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.

  1. Kelli England earns $12.30 per hour and has earned a production bonus this week of $37.10. If England worked 44 hours this week, her gross pay is $. _______Round your final answer to the nearest cent.
  2. Kerr receives an annual $25,700 base salary for working the territory in Arizona. A quota of $900,000 in sales has been set for that state. Kerr receives an 8 percent commission on all sales in excess of $900,000. This year, the sales are $965,000. The total earnings due Kerr this year are $._________
  3. Kenneth Anderson works two separate jobs for Mesa Company. During the week, Job A consisted of 38 hours at $20 per hour; Job B involved 15 hours at $14 per hour. If Mesa uses the average rate basis for calculating overtime, Anderson's pay for that week is $.______Round your final answer to the nearest cent.
  4. Gorman is paid $10.50 per hour for a 35-hour workweek. This past week, he worked an extra 10 hours on a job at a pay rate of $13.00 per hour. If he is only paid overtime for hours over 40 and the employer uses the average rate method, his total earnings for the 45 hours of work were $. _____Round your final answer to the nearest cent.
  5. Ides receives 16 cents for every unit produced. Ides produces 2,976 pieces in a 43-hour workweek. For overtime, Ides is paid a sum equal to one-half the regular hourly pay rate multiplied by the number of overtime hours. Ides' total piecework and overtime earnings are $.______Round your final answer to the nearest cent.

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

Step: 3

blur-text-image

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

Financial Accounting

Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling

6th Canadian edition

73208140, 1259105695, 978-1259105692

More Books

Students also viewed these Accounting questions

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago