The company is preparing information to assist deciding on which incentive scheme to introduce. From the following information, you are required to calculate for each employee his earnings, using: (i) hourly rates only (basic pay); (2 marks)e (ii) piecework, but with earnings guaranteed at 75% of basic pay where the employee fails to earn this amount; (2 marks) (iii) premium bonus, in which the employee receives two-third of time saved (using hourly rates) in addition to normal hourly pay. (3 marks)- Employees A C Actual hours worked 38 36 40 34 Hourly rate of pay Output (units) $3.00 $2.00 $2.50 $3.60 42 120 120 --- Y 72 76 270 ---- 92 50 --- Standard time allowed (per unit): X: 6 minutes; Y: 9 minutes; Z: 15 minutes Each minute earned is valued at $0.05 for piecework calculation,